Triggering a Tax Audit from the IRS

Alfred Osborne
April 16, 2018

If you beleive you have been the victim of an identity scam or fraud, you should file a local police report and then notify the federal agency involved.

"It's important to note that the failure-to-file penalty is generally more than the failure-to-pay penalty", said Sanford.

Unbeknownst to most folks, specific items, if found in your return, may trigger an audit.

You're down to the wire for filing income tax and wish there was some extra time before tax day.

One thing you should always keep in mind to avoid being scammed during tax season, is that the IRS does not call and demand your personal information. When the deadline falls on the weekend, the official filing day is pushed back, theoretically to the Monday following that weekend because of a little known holiday - Emancipation Day. You can do much smarter things with that money, like putting it into a retirement plan or a college savings fund or maybe paying down outstanding debt or replenishing your emergency reserve fund. The result is that it's like a federal holiday and that means that taxpayers have an extra day to file taxes.

For those people who failed to file their return for 2014, this is the last filing season you can still do so and get your refund if one is owed.

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While mostly done for altruistic reasons, property owners receive significant tax benefits from such activities.

The department offers two tax filing services: e-File provides a list of software providers certified to submit forms electronically, and using its online forms, which offer fillable online versions of tax forms for taxpayers that prefer to prepare their own returns.

You can still take steps to boost your refund.

Those planning to mail their returns need to make certain they're turned in the mailbox at the post office - the one outside or the one in the lobby - by 5 p.m. Ditto if you try to go to somewhere in person, such as a tax assistance center.

Some of those options include Free File Alliance, Volunteer Income Tax Assistance, and AARP's Foundation Tax-Aide program. Credit Karma, the popular credit score site which maintains a tax platform as well, has documented information by the IRS which has detailed the individuals reporting capital gains from cryptocurrency investments.

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