Educational Tax Tip: IRS Audits and Penalties

What happens if you fail an IRS audit? While audits can be intimidating, failing one doesn’t mean it’s the end of the world. The IRS may assess additional taxes, impose penalties, and charge interest on unpaid amounts. In rare cases involving fraud or evasion, more severe consequences like jail time are possible. Typically, the IRS reviews the past three years of returns but can go back six years if discrepancies are found. If you lack receipts, deductions might be denied, though some expense reconstruction is allowed.

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