Joe Anderson, CFP® & Alan Clopine, CPA discuss the latest statistics on who’s most likely to get audited, how often it happens, and what to do if it happens to you, in episode 69 of the YMYW podcast. Original publish date October 1, 2016 (hour 1). Note that content may be outdated as rules and regulations have changed.
00:00 - Intro
00:56 - “The latest stats on how often we’re being audited. Who’s more likely to get audited? I’ll take it one step further – what do you do if you get audited?”
09:44 - “There’s such a lack of planning, and that’s why we do the show.”
13:30 - “The oldest baby boomers are turning 70 ½; those who were born in the first half of 1946. When they turn 70 ½ that triggers a required minimum distribution (RMD)
17:42 - “The truth is, our tax rates now are lower than most times in our history...”
22:28 “A sole proprietorship goes on your tax return on what’s called schedule C. You show your income, you show your deductions, and whatever the profit is – that’s what you pay income taxes and self-employment taxes on.”
26:22 - “In general, corporations have a lesser chance of being audited than individuals.”
34:02 - “If you have to go to an audit office, here’s what you do…”