It’s tax time in the U.S., which means Americans and residents are hurriedly poring over paperwork, filling in forms and hoping to file by the April 15 deadline.
The IRS also put another 1,200 people in jail for other severe crimes like identity theft, money laundering or not reporting money earned from drug trafficking. The IRS is very clear in its instructions: “Income from illegal activities, such as money from dealing illegal drugs, must be included in your income on Schedule 1.”2. The dreaded audit The second-worst thing that could happen is getting audited. This is also a low probability event.
Your odds of being audited increase if you are very rich or self-employed with lots of revenue, but most people in these categories pay tax lawyers to worry for them. I was very irritated and briefly considered protesting. But after going over my taxes again, I realized, sure enough, I did mess up. By the next morning I was over my anger, primarily at myself, and went on with my life.But like going to jail or getting audited, the fear of this is greatly overstated because the vast majority of people in the U.S. either get a refund or don’t owe the federal government any money — more than 80% of filers in 2016.
Source: Law Daily Report (lawdailyreport.net)
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