Tax Expert and Advisor Barry G. Fowler On Being Audited for Under-Reporting to IRS
Barry G. Fowler, EA, leading expert in tax resolution issues and CEO of Taxation Solutions reviews what one can expect when the target of an IRS audit for under-reporting income whether consciously or unconsciously.
Houston, TX – February 20, 2017 – Barry G. Fowler, CEO of Taxation Solutions, posted a new article on his website entitled “When the IRS Suspects You of Under-reporting Income,” in which Mr. Fowler reviews some of the things one can expect in this situation.
“You have suddenly become the unhappy target of an audit for allegedly under-reporting income to the IRS,” writes Fowlers. He continues, “Maybe you did under-report. Maybe you didn’t. Whether you did or not, your tax returns have waved some red flags at the IRS and you are now in their line of sight.”
As Fowler points out, “You may not know it, but if the IRS suspects under-reporting they can go back over previous tax returns and make you prove your income. They’ll ask you to prove income, expenses, bank deposits and more.” He emphasizes, “And the normal three-year IRS statute of limitations does not apply.”
According to Fowler, “Things get even more complicated if you consciously file a false return, under-report income or worse, willfully fail to file. You could even be facing potential criminal charges and prison time. This is tax evasion and when it comes to tax evasion or fraud, the IRS can really speed the process up”
“If you think you can deal with the IRS in this instance,” says Fowler, “I’ll ask you to reconsider.” He continues adding, “Professional help by an experienced tax attorney is a must.” According to Fowler, “Depending on how much of your income you failed to report, the IRS can make your life miserable for a very long time. For instance, if you fail to report 25% of your income the IRS has a full six years to audit. Even that time frame almost always gets extended up to an extra full year. This is when working with an expert tax attorney can be useful. They may help you be able to shorten the time of the extension.”
The entire article can be read at https://www.taxationsolutions.net/when-the-irs-suspects-you-of-under-reporting-income/
About Barry G. Fowler, EA
Barry G. Fowler founded Taxation Solutions out of a genuine concern for the IRS issues his clients face, many of whom are self-employed, contract employees, or entrepreneurs. For his contributions to his profession and expertise in tax resolution and financial planning, Fowler has been featured as one of America’s Trendsetters on CBS and Yahoo, and as a Premier Expert in Inc. Magazine. He has been instrumental in helping hundreds of people resolve complex tax issues with the IRS.
Fowler is licensed to represent taxpayers before the Internal Revenue Service, and is a longstanding member of several tax industry professional organizations: NAEA, NATP, TSEA, ASTPS.