What are the penalties for a tax audit?
An example of an AI chatbot conversation about tax audit penalties.
What are the penalties for a tax audit?
Penalties for a tax audit can include fines, interest on unpaid taxes, and in severe cases, criminal charges.
How can I avoid penalties during a tax audit?
To avoid penalties, ensure accurate record-keeping, respond promptly to IRS requests, and consider hiring a tax professional.
What should I do if I receive an audit notice?
If you receive an audit notice, review your records, gather necessary documents, and consider consulting a tax advisor.
Can penalties be reduced or waived?
Yes, penalties can sometimes be reduced or waived if you can demonstrate reasonable cause or if it's your first offense.
What are the common reasons for being audited?
Common reasons for audits include discrepancies in reported income, high deductions relative to income, and random selection.
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