Scary Time of Year!

Posted by & filed under Accounting Information Systems, Accounting Principles, Advanced Accounting, Auditing, Cost Accounting, Financial Accounting, Financial Statement Analysis, Intermediate Accounting, Managerial Accounting.

This article discusses the important issues surrounding the possibility of an IRS can audit. It points out that the potential for large civil penalties and perhaps even criminal liability can be real and something you should consider before you file.

Questions
1. How many of these errors were you aware of before reading the article?
2. In most cases, how long do you have to be audited after a filing?
3. What are the special cases?
4. When does the IRS audit clock start running?

Source:
Wood, R.W. (2015). Scariest Tax Errors: They Extend IRS Audits To Six Years Or Endlessly. Forbes.com, March 30 (Retrievable online at http://www.forbes.com/sites/robertwood/2015/03/30/scariest-tax-errors-they-extend-irs-audits-to-six-years-or-endlessly/)

08economy3-articleLarge