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Income tax audits? |
they audited 04,, we are in the wrong,,,,, i turn in all my stock trades,,, his is electrinic but we were not sure how that worked,, we do not receive 1099 in the mail, he said it was not meant to be turned in now, but when closed the account than would pay taxes on everything above his original investment,,,,, i get everything in mail and figured he would also, i did not know it was electronic or how it worked,,,, now i am concerned they found that mistake and will go back 7 years and check everything,,, other than that things should be fine, and that was an honest mistake due to our ignorance i guess by not understanding elecronic trades,, what are the chances since they found this now they will go back and hunt for more,, we are in the low income bracket also,,,,,, Audits are typically three-year lookback period. In the case no return was filed a year, then IRS can go back to that year. assuming no other missing information the IRS will probably NOT audit your tax returns before 2004 |
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