With the IRS in turmoil (5-Chiefs this year and many firings), you might want to consider:
* Keeping a copy (paper or electronic) of tax returns at least 7-years. Though the IRS usually won’t go back more than three prior years unless gross misstatement of income is suspected. Seven is a safe number unless fraud is the issue; then the IRS can go back as far as they wish.
* Setting up an account at IRS.gov to verify returns and payments. This would entail getting an ID.me account and could also be used to verify information at social security as well.
* About 50 years ago the IRS audited me questioning my income and expenses on RE investments. They ordered an additional tax and penalty. I didn’t agree and asked my attorney about an appeal. His reply is one of the best pieces of advice I’ve ever received. He told me to pay the money, saying if I appealed – win or lose – the IRS will feel offended, insulted. In other words, my future returns would be flagged to be scrutinized – the IRS has a long memory. I paid and have never been audited again.
Chuck Klein, Columnist: American Free News Network
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