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Podcast: Ask Ralph
Episode:

How many years can the IRS audit my returns?
Category: Business
Duration: 00:10:05
Publish Date: 2024-06-27 07:00:00
Description:

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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