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Does a mistake on your taxes constitute fraud?

On Behalf of | Aug 30, 2021 | White Collar Crimes

If there is one thing that is true, it’s that an American tax return can be complex. It can be difficult to know exactly what information to include on your tax return, and mistakes can be made.

Many people worry that mistakes on their taxes could come back to haunt them many years later. Don’t feel too overwhelmed, though, because it’s normal to be unsure when you’re working on something so complex. Working with an accountant or tax attorney could help you avoid mistakes that could lead to an audit later on. 

If you did your taxes yourself and realize that a mistake was made, then it’s time to file an amendment. If you don’t know if you’ve made a mistake, though, then it’s possible that the Internal Revenue Service will reach out unexpectedly.

Take action if you’ve made a mistake on your taxes

If you receive a notice that you’ve made errors on your taxes, then you need to take action to correct those errors as soon as you can. This may mean contacting your tax attorney to go over the tax return and the IRS’s letter to you. The IRS charges interest and penalties on any debt you may owe. So, the longer you wait to address a problem, the more costly it will become. 

If the IRS is completing an audit and finds tax errors, it’s important that you do take action to protect yourself. The IRS may make allegations against you, such as that you intentionally attempted to defraud the government, in some cases. If the IRS is going to audit you, it’s a good idea to have your legal representation ready, so that you can get through the audit quickly and avoid allegations of fraud or other white collar crimes.