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Life Business and Money - Being Honest Before A Tax Audit

  • Broadcast in Business
Steven Kay

Steven Kay


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With the increased number of tax audits looming, the chances are ever increasing, whether it’s an audit from the IRS or even your state comptroller.  However there are things that you can do BEFORE it gets to the point to where you need to be worried about how bad it could be for you.  The latest “tax gap,” which the IRS uses as an estimate in what people are not paying, was released earlier this year and it’s currently estimated to be in the range of $385 billion.  How do you ask how it’s gotten to be so bad?  Well it’s an ever increasing tug-of-war between tax payers and the US Government.
With the increase of $95 billion since 2001, it’s no wonder that there’s an increase in tax audits.  The reasons for this are: failure to file, not paying enough in taxes owed, and not reporting the true amount of income.  As well, solopreneurs and small business owners are considered to be the majority of taxpayers that make up this tax gap.  However, a lot of people are always under the assumption that “they’re just out to get you” regardless of what you have, there are alternatives should do to help minimize your risk.