IRS audit
Date: Fri, 05/21/2010 - 19:01
last year I sattled 18 CC total $180k where $125k was write off by creditors and they issued 1099Cs for that amount, I filed my taxes and attached f982 along with 18 statements basicaly showing my insolancy... good news is I received my tax return I was claiming so I'm assuming my tax was processed and IRS accepted my explenation of benefits. What I'm wondering ois that I have heard that IRS can issue tax return for amount I claimed but still at later time ask for more explenation, documentation and even audit tax payer, is this true? if so how much time they have to do this?
IRS at times do audit at later time. However, they move at their
IRS at times do audit at later time. However, they move at their own pace and hence its difficult to say how long they would need for it.
Yes, they usually issue refunds then audit later if there are "r
Yes, they usually issue refunds then audit later if there are "red flags". I believe the IRS has 2 or 3yrs to audit, so make sure you hold on to your records just in case.