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08.30.07 Random- Audit Program
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By: David Bach visit website
Genre: personal finance/
Tags: investing, millionaire, personal finance, real estate
David Bach's Finish Rich Minute is brought to you by Wells Fargo Home Mortgage, a division of Wells Fargo Bank N.A., Equal Housing Lender and founding sponsor of The Great American Homeowner Challenge TM.
Hi, this is David Bach. The Wall Street Journal reports that the IRS is reviving its random-audit program. Effective October, thousands of taxpayers will be selected for a random audit even if there's no reason to suspect them of cheating. The IRS is aiming to collect on an estimated 290 billion dollars that it should be collecting each year, but doesn't. These audits will be intensive so if selected, come prepared with as much supporting documentation as possible- neatly organized and ready to go. Consider enlisting the help of a professional accountant or for simple returns, a tax preparation firm can help for less money. I'm David Bach. The FinishRich Minute is now available on Itunes as a podcast. To subscribe visit DavidBach.com.
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