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From an ex-IRS employee: "When to file"Jun 13 '00 Write an essay on this topic.The Secret Shopper knows a tax preparer who used to work in the auditing section of the IRS. She unknowingly blabbed about the truth about audits and when to file to be "safe" if you want to try your luck. Here's the inside scoop on what she said: Best time to send off your papers REFUNDS: The best time to send in your papers if you are expecting a refund and are not using electronic refunding and want it quickly is after Valentine's Day, but before March 1st. Here's why: IRS workers who are processing your returns before the 14th are still getting into the flow especially if they are temp workers or newbbies. By the time the 14th rolls around, they can process returns much quicker. If you wait till after March 1, here is where the load begins to pile up on the IRS and your return could be delayed. I recommend electronic filing myself, but if you have a lot of explaining to do for your refund, send it in. PAYMENTS: First of all, don't just assume you can get an extension. She says this is the biggest problem today that people assume the IRS will give an extension to anyone who asks for one. Not true. You need to have a darn good reason to need one and simply saying that you did not have time will not cut the mustard. If you owe and you do not want to use electronic filing because maybe you do want to try to avoid an audit, you should first know your chances of being audited. Recently, the IRS stated that a person filing has a better chance being struck by lighting five times than before they are audited once. The lottery is a 7 to 1 shot of being struck by lightning so that is still pretty good odds you won't be audited. But if you still have that fear, you should know that your return can be flagged for auditing at any time during the year and if it is flagged, your returns from prior years could be pulled too if needed. So when is the best time to file if you owe? In reality none, but the tax preparer says to mail off your papers at the very beginning of April. By this time, a lot of people who are filing are mainly for refunds and the chances of an immediate flag are a little less. But there is that 5 to 1 chance of being struck by lightning. Audits Like I said above, you can be struck by lighting five times before even being audited once. I have heard of people being audited more than twice in their lifetime.  |
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