So I called a CPA..

[AAAA]

excuse me?

it is certainly something that IRS would not give you penalties for unless you were a CPA. As one who survived an audit several years ago, i found the employees to be very helpful and actually gave me some ideas of how to structure things in my favor.

it is all a matter of attitude. if you are they guy who put feces all over your return, you might have a guy who was not on your side. if you show them number that make sense, and you made good faith effort to comply, you will not be punished.

for returns under $100,000 gross the chances of an audit are one in 50...and that was several years ago when 100,000 was more than it is now. being aggressive but reasonable is definitely the right way to go if you just look at the EV.

[thedustbustr]

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perhaps IRS won't like it, but it is "reasonable" and they will be unlikely to do more than slap you on the wrist and suggest you do it differently.

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Yes, if you consider interest, penalities and the possibilty of being charged with fraud as a "slap on the wrist". Why do people offer such poor advice when they have zero experience in the subject?

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Plese elaborate on your own personal experience which puts your word above his.

...oh wait

[Python49]

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And just one last thought. You're not going to jail for reporting net in other income. I (CPA) have said it, and every other CPA you talk to will agree with me. Maybe they all tell you to net in other income because (gasp), they know what they're talking about.


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Yeah just penalties, fines, and back taxes. Oh and if the IRS says you owe more than what you reported and you haven't got the documents to prove otherwise, guess who wins.

[Wake up CALL]

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perhaps IRS won't like it, but it is "reasonable" and they will be unlikely to do more than slap you on the wrist and suggest you do it differently.

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Yes, if you consider interest, penalities and the possibilty of being charged with fraud as a "slap on the wrist". Why do people offer such poor advice when they have zero experience in the subject?

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Plese elaborate on your own personal experience which puts your word above his.

...oh wait

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It appears you prefer secondhand anecdotal storytelling compared to the IRS rules and regulations, well to each his own I suppose. Please don't tell me you also perform brain surgery for extra part-time income. Probably just another college kid who has the world by the tail, until you get into the real world please stay in the playground and leave the real world situation to the adults.