April 18, 2024

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How you can avoid IRS scrutiny – Newsbomb – News

How you can avoid IRS scrutiny – Newsbomb – News

The taxpayer or the company can avoid being audited tax office If amended returns are submitted prior to the review and all evidence is submitted – supporting documents that will stop the review. That is, if a person is required to submit books of examination, he can file an adjustment declaration for any errors or omissions, while the possibility of settling the resulting tax amount in up to 48 instalments is provided.

Even if taxpayers receive notice of an audit order or an invitation to provide information (books and documents), it is possible to thwart the audit.

According to the AADE, the cases where supporting documents are required but also where only a modified statement is sufficient to avoid scrutiny are the following:

1. When filing personal income tax returns, it is not necessary to submit supporting documents to complete codes related to increased income from an unknown source, for the years prior to the 2015 tax year.

2. For other income categories, for which taxpayers fill in the codes for the declaration, supporting documents and data must be submitted, as stipulated in the decisions regarding the type and content of returns for each tax year, unless the tax administration has electronic information.

3. To file VAT returns (initial and amended late), it is not necessary to submit supporting documents, regardless of the method of submitting the return (via electronic application, through the “My Applications” application, or in paper form at the DOU). 4. To file other indirect tax returns (primary and amended late), it is not necessary to submit supporting documents, except for: a) Capital accumulation tax and stamp duty, where filing is required

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The law, the document on the basis of which the tax must be paid, as well as b) the return statement of the amounts of the Greek State’s participation in the total winnings of online games of chance, accompanied by statements with detailed data, by type of games. 5. When filing ENFIA returns, no supporting documents are required in the case of a new declaration or change to a declared property, except for the submission of supporting documents that are required exclusively and only in the case where the liquidation of the ENFIA declaration leads to a tax reduction greater than three hundred euros And configure the new manifest and filter

This is done after checking the documents justifying the reduction by the tax administration. Taxpayers are required to provide any document from a competent public authority certifying the validity of the change.

6. When filing for EFA, supporting documents are required if an amendment return is filed.

7. When filing transfer and inheritance tax returns, donations, parental benefits, and winnings from games of chance, whether preliminary or amended, no additional supporting documents are required.

Even if they have received an audit order or a call to provide information, the audit can be thwarted.