Did You Under Report Your Income + Former IRS Can Help

April 26, 2017
Written by: Fresh Start Tax
Fresh Start Tax

 

Did you underestimate your income?   Need Help with  the IRS, call us today.   1-866-700-1040

 

IRS catches these errors on the underreporter system that matches up third party info.

 

Former IRS Agents who know the system, Since 1982.

Highlights of the Data 2016  You are not alone! Lets look at the facts.

• In Fiscal Year (FY) 2016, the IRS received almost 3.0 billion third- party information returns; 88.3 percent were filed electronically

• The IRS closed almost 3.5 million cases under the Automated Underreporter Program, resulting in nearly $6.8 billion in additional assessments

• The IRS closed 389,000 cases under its Automated Substitute for Return Program, resulting in $542.8 million in additional assessments

• For Tax Year (TY) 2015 individual income tax returns processed during FY 2016, IRS sent more than 1.6 million notices to taxpayers for 2.1 million math errors identified on
their returns

• For TY 2015, math errors associated with calculation of income or other taxes made up 36.2 percent of total math errors.

For TY 2014 and prior-year returns processed in FY 2016, misreporting the number and amount of exemptions were the most common errors, making up 25.5 percent of the total.

 

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