How far behind is the IRS ?
Discussion in 'Trucker Taxes and Truck Financing' started by bzinger, Dec 6, 2023.
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I think they do that deliberately, hoping you have lost your records and can't fight whatever made up b.s. claim they have. Not to mention the compounded interest and penalties, that started back when whatever they are complaining about happened not from the date of notice. Just like ambulance chasing lawyers that wait until days before the statute of limitations is up to file a policy limits insurance claim from a fender bender that happened three years ago -hoping that the trucking company has no evidence to defend themselves and will settle for 20-30% of policy limits to avoid a trial.
TX2Day, CruzControhl2, ed4207 and 9 others Thank this. -
If they are wrong, years. If you are wrong, minutes.
Yes, I'm a bit cynical.TX2Day, Big Road Skateboard, W923 and 6 others Thank this. -
screw that "only 3 years" BS..
now that i have been retired all these years, i only save the last 5 years.
but for anyone that owns a business..?? i really think saving them for a bit longer then recommended..one can always find storage space.
even if one has to buy another house.TX2Day, Dave_in_AZ, W923 and 6 others Thank this. -
They can go back 7 years. If they find something of interest, (I'm told) they can chase older documents for clarification.
TX2Day, ihaveaquestion, '88K100 and 5 others Thank this. -
IRS advice
- Keep records indefinitely if you file a fraudulent return.
how many years should i keep tax records - Search (bing.com)tscottme, hope not dumb twucker and JoeyJunk Thank this. -
At the end of every day i feed my recipts to the scanner and upload them to the correct folder. Takes me 5 mins a day. I only keep physical copys for 3 years then burn them. Digital copys i plan to keep forever. And if i ever fill up a 1tb drive well....the 2TB SSDs are cheap. And they do make upto 120tb nowadays.....
Good luck auditing me without my burrying your ### in perfectly preserved copys.gentleroger, Feedman, Dave_in_AZ and 3 others Thank this. -
TX2Day, Vampire, Arctic_fox and 7 others Thank this.
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They love to wait and then charge for late fees and interest….but for some reason if you over paid you can’t charge them interest…wtf
Vampire, Feedman, Dave_in_AZ and 3 others Thank this. -
Most of the time, the IRS only has three years to audit you from the tax return due date.
Therefore, if you filed a tax return before April of the current tax year, the statute of limitations still does not begin until April 15 (or 17th or 18th depending on the year). For example, if David’s 2015 tax return is due on April 15, 2016, but David files the return on February 1, 2016 – the IRS still has until April 2019 to audit David — even though David filed before April 15.
If you filed a tax return after the due date, the IRS has three years from the day you filed late.
6 Year IRS Audit Statute of Limitations
Under certain circumstances such as having a significant amount of unreported income (or improper deductions which deflated the income significantly) or foreign income of more than $5000 that stems from a section 6038 asset – the statute is extended to six years.
In other words, the IRS gets to tack on an additional three years to audit you. Therefore, using the example above, the IRS would have an additional three years audit if it is determined that David had significant amount of unreported income or over embellished deductions.
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Good luck to you!!!!!! Glad I'm old, retired and don't deal with the IRS anymore except for my very simple "retired old man" return. Personally I thought it was a 3 years, 5 years or 7 years all depending on how the IRS feels about you. But a quick google search says 3yr or 6yr, It,s the Gov. they get to do what they want.Last edited: Dec 8, 2023
Feedman, hope not dumb twucker, W923 and 2 others Thank this.
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