Thursday, 19 April, 2018


Triggering a Tax Audit from the IRS

Credit Pixabay Credit Pixabay
Melba Vasquez | 16 April, 2018, 04:58

Taxpayers will have until this coming Tuesday, April 17, to file their 2017 tax returns and pay any tax due because April 15 falls on a Sunday this year, and Emancipation Day - a holiday observed in the District of Columbia - falls on Monday, April 16. "I want to reassure people that it's not as complex as it may seem at first glance and that Credit Karma Tax has a number of resources about how to approach Bitcoin and taxes", said Jagjit Chawla, the company's general manager.

If you're doing your taxes yourself and plan to file taxes online, you can fill out Form 4868 to file a tax extension directly through IRS.gov or via your choice of tax-prep software, like TaxAct's online tools or TurboTax Easy Extension.

You can submit the form electronically through the IRS website before midnight on April 17. An extension will give you extra time to get your paperwork to the IRS, but it does not extend the time you have to pay any tax due.

Representatives with Quality Tax Service also advise residents and small business owners to hold on to all receipts and invoices. For questions, call the IRS disaster hotline at 866-562-5227.

Procrastinators can take some solace in knowing that as of Friday 40 million Americans hadn't filed their taxes, according to the IRS. About one in five waits until the last two weeks before the deadline to file taxes.

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.

"If I had to guess, there's probably a lot of underreporting", said Elizabeth Crouse, a Seattle-based partner at law firm K&L Gates. It only gives you more time to file your return.

Anyone who held Bitcoin at the beginning of 2017 would be roughly 8 times richer today, and almost 20 times richer at the end of the year.

But filing your taxes is something that Cauble recommends you do before the state and federal deadline this week. However, they're more than happy to hang on to the money they owe you if you don't. Keep good records and be sure to document all of your deductible expenses-you will be surprised at how much you can forget in a few months or a year. 4.

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