Charges not reasonable income. In such cases the IRS sends letters of assessment and how to respond?

300 thousand are the letters sent by the IRS to taxpayers who have incurred expenses that are not compatible with the tax return. Let's see how and whether reply.

The IRS has sent letters to well 300 thousand taxpayers who have incurred expenditure (in 2010) is not compatible with your income tax return for 2011.

In the letters the IRS claims to have detected expenses that apparently seem to be incompatible with the declared income in the same year, in addition to this statement the IRS has also attached all the expenses that are "suspicious".

The surprise is that inside of purchases suspects appear not only luxury goods, such as boats, expensive cars, homes, but also simple mortgage payments for college and other expenses considered "normal."

Those who receive, or have already received the letter, are not required to respond in any way as the communication is for informational purposes. However, if the costs reported by the letter are incorrect, then the taxpayer will do well to respond to the tax authorities and to specify what expenses are incorrect.

The message of the Treasury in the fight against tax evasion seems clear, taxpayers who want to change their statement there is still time (voluntary disclosure) and can do so by paying a penalty granted (1/5 of the normal penalty).

The IRS states that the costs especially with more apparent discrepancy with respect to the declared income will be subject to in-depth and thorough investigations. It remains to be seen whether the real evaders will feel scared or less from these letters.

 

15/06/2012

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Translated via software

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Source:

Italian version of ReteIngegneri.it