How many years can the IRS audit my returns?
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As a taxpayer, knowing the IRS audit time limits is essential to avoid any surprises. Familiarizing yourself with these time limits and diligently maintaining good record-keeping practices will protect you from unforeseen complications during an audit process. In this episode, Ralph Estep Jr. discussed strategies for minimizing the risk of IRS audits and answers the question - how many years can the IRS audit my returns?
In this episode of the "Ask Ralph" podcast, your host, Ralph Estep Jr., dives into the nitty-gritty of IRS time limits, revealing that while the standard audit window is three years, there are exceptions that could extend this period. Additionally, Ralph offers advice on how to face potential scrutiny in IRS audits with confidence. Join Ralph as he unravels the mysteries of IRS audits, offering insights that could save you from unnecessary worry and financial headaches.
00:00 Episode Overview
00:42 Show Announcements
01:25 Bible Verse
01:58 Understand Irs Audit Time Limits
02:49 Exception 1: Substantial Understatement Of Income
03:31 Exception 2: Fraud Or Intentional Misrepresentation
04:05 Exception 3: Unfiled Tax Return
04:52 Minimize Your Audit Risk
05:23 Step 1: File On Time Every Time
05:59 Step 2: Double Check Your Work
06:42 Step 3: Keep a Meticulous Record
07:03 Step 4: Don't Be Afraid To Seek Professional Help
07:48 Episode Recap
08:21 Outro
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