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I know some people who have died recently. I'm in the habit of filing a return, and then amending once I've added up all of my receipts. If I were to die (by accident) and then get audited, would the IRS come after my survivors and ask them to prove anything that it might question?
You know dead people have to file a tax return too (the estate does at least)... form 1041.
Would they give any leeway to the survivors in proving certain deductions? It's highly unlikely that the survivors would know that sort of detailed information about the business.
Would they give any leeway to the survivors in proving certain deductions? It's highly unlikely that the survivors would know that sort of detailed information about the business.
Do they give leeway to people now? Creative accounting that is to creative is one way to trigger an audit. Get your ducks in a row...and be able to document what you are doing...otherwise you could get into trouble.
Better find a tax guy and/or a lawyer to help better navigate the system.
We keep ALL records for longer than the IRS mandates as the statute of limitations can and is extended when the IRS suspects fraud. And they will ALWAYS suspect fraud.
We were back-charged for two 1099s the IRS automatically claimed was individual income, we had to show that they were in the 1040 but in my LLC (shows as individual income in the filing process). Took a bit but we were able to clear this.
Correct me if I'm wrong if they fudged their tax returns right before they died and the IRS later finds out, the IRS can claw back the inheritances paid to pay back the actual taxes owed.
If a person is dead, they are dead. I don't think an executor has to remain an executor if they don't want to. That being said a spouse should know their liabilities.
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