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Among the things that can pose significant problems for a taxpayer is being accused of failing to report income to the Internal Revenue Service. Such accusations could leave a taxpayer facing significant monetary penalties and other impactful consequences.
Allegations of failing to report income can come up over a wide range of things, as most types of income are required to be reported to the IRS. Generally, this includes income from side gigs.
Taking on a side gig for some extra income is a very common practice these days here in the United States. According to a recent study, around a fourth of Americans have such gigs. Millennials showed a particular high likelihood of having a side gig.
The study also suggests that there is a fair amount of side gig money that is not being reported to the IRS. The study’s researchers made a rough estimate of how much side gig money is going unreported. This estimate came out to $214.6 billion.
One wonders what sorts of enforcement efforts the IRS will take in the future when it comes to side gig income reporting and what impacts such efforts will have on taxpayers.
The actions a person takes when the IRS has accused them of failing to report side gig income or other types of taxable income could have major ramifications for their future. These tax disputes can have many complex aspects, and taking the wrong steps when navigating them could prove quite costly. So, when responding to allegations of failing to report income to the IRS, it can be critical to have experienced and knowledgeable legal help.
Source: New York Post, “People with side gigs are hiding billions from the IRS,” Catey Hill, Sept. 20, 2017
