4 ms·

You can ignore audits?

leggomylibro 9y ago
Sure. If you aren't self-employed, your employer already pays your taxes and you're likely owed money by the IRS. It's your choice if you don't want to collect it. If you're self-employed and not reporting income...well, that's another story. But this is terrible advice that you should definitely ignore, anyways.
- wfunction 9y ago
  I didn't ask if you can avoid filing taxes or collecting the money you're owed; I asked if you can ignore audits, since the claim was the latter.
  - leggomylibro 9y ago
    Right, and it really depends on how serious they are. If they think you owe a lot of money, then no, you cannot ignore them. If they think you're just an asshole who can't be arsed to deal with them or is not capable of doing so, they really aren't going to do anything. Like I said, my grandfather owns a business and hasn't filed in decades. It caused my Uncle some serious consternation when he took the reigns, but he never faced any consequences in the form of being held in contempt, asset seizure, etc. Just some nastygrams every now and again. But again, this is awful advice; I was mostly being facetious. You should not just outright ignore your taxes, you should at least make a desultory effort to get SOMETHING in. But damned if I'm going to bother pulling together any more forms than are in arms/web's reach, or mail in anything more than the bare minimum.
jedberg 9y ago
To more specially answer your question, legally you don't have to show up to an audit. The audit is supposedly in your best interest, because it will stop the clock on racking up penalties and interest, assuming you pay them afterwards. If you just keep ignoring it, eventually you will die and your estate won't be released to your heirs until the tax man gives it a final audit, and your estate will have to pay penalties and interest back to when you failed to pay. If you're poor and/or broke, then sure, ignore an audit, because they can't get blood from a stone. :)
smkellat 9y ago
It is possible to do so, I suppose, but the results are normally catastrophic financially. You can have levies placed on you if you end up owing $5,000 or more. You can have liens placed on your property if you owe $10,000 or more. You can have your passport revoked nowadays if you owe $50,000 or more. Avoid the catastrophe.

Sure. If you aren't self-employed, your employer already pays your taxes and you're likely owed money by the IRS. It's your choice if you don't want to collect it. If you're self-employed and not reporting income...well, that's another story. But this is terrible advice that you should definitely ignore, anyways.

wfunction 9y ago
I didn't ask if you can avoid filing taxes or collecting the money you're owed; I asked if you can ignore audits, since the claim was the latter.
- leggomylibro 9y ago
  Right, and it really depends on how serious they are. If they think you owe a lot of money, then no, you cannot ignore them. If they think you're just an asshole who can't be arsed to deal with them or is not capable of doing so, they really aren't going to do anything. Like I said, my grandfather owns a business and hasn't filed in decades. It caused my Uncle some serious consternation when he took the reigns, but he never faced any consequences in the form of being held in contempt, asset seizure, etc. Just some nastygrams every now and again. But again, this is awful advice; I was mostly being facetious. You should not just outright ignore your taxes, you should at least make a desultory effort to get SOMETHING in. But damned if I'm going to bother pulling together any more forms than are in arms/web's reach, or mail in anything more than the bare minimum.

jedberg 9y ago

To more specially answer your question, legally you don't have to show up to an audit. The audit is supposedly in your best interest, because it will stop the clock on racking up penalties and interest, assuming you pay them afterwards. If you just keep ignoring it, eventually you will die and your estate won't be released to your heirs until the tax man gives it a final audit, and your estate will have to pay penalties and interest back to when you failed to pay. If you're poor and/or broke, then sure, ignore an audit, because they can't get blood from a stone. :)

smkellat 9y ago

It is possible to do so, I suppose, but the results are normally catastrophic financially. You can have levies placed on you if you end up owing $5,000 or more. You can have liens placed on your property if you owe $10,000 or more. You can have your passport revoked nowadays if you owe $50,000 or more. Avoid the catastrophe.