how much was hid and were you ever busted, what was the outcome with the IRS. Just wondering how people get away with hiding money when filing taxes.
2007-01-18 13:43:58 · 5 answers · asked by lovelife 1 in Business & Finance ➔ Taxes ➔ Other - Taxes
I work for a CPA firm that specializes in helping people that either did not file returns or filed incorrect returns. The IRS is getting very good at finding people that cheat on their taxes. If they think you did not just mess up, but acted fraudulently, they will get the CI department involved. You really don't want that.
2007-01-18 13:53:05 · answer #1 · answered by Lee 5 · 0⤊ 0⤋
If I were to guess, I would say that about 70% of small business owners hide income. Probably of all the business owners who file, 30% get audited. So count on 21% chance of being audited. Out of that 21 % chance you have 50% chance of getting hit with penalties and interest. If the amount is huge, that's also your chance of jail time. Usually called "tax evation."
Don't look to see if others get away. Do what's right for you. Remember, that just because some people win the lottery, it doesn't mean that you will.
2007-01-18 21:52:51 · answer #2 · answered by KillerKat 3 · 0⤊ 0⤋
never done that, Hope your not thinking about it, the people who do it will get caught one day. And I'm sure the IRS isn't were nice.
2007-01-18 21:52:39 · answer #3 · answered by oooooh!!! 3 · 0⤊ 0⤋
I avoid taxes. Evading taxes is illegal. I'm just happy I don't get as much government as I pay for.
2007-01-18 21:54:01 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Nope, I'm one of those honest suckers.
2007-01-18 21:52:05 · answer #5 · answered by Wurm™ 6 · 0⤊ 0⤋