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To Megan C: If I am to be audited this year, would the IRS…

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To Megan C: If I...
To Megan C: If I am to be audited this year, would the IRS check my PayPal account? Would they check Western Union payments I have received?
Submitted: 1 month ago.Category: Finance
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Answered in 6 hours by:
1/8/2018
Financial Professional: bkb1956, Finance Enthusiast replied 1 month ago
bkb1956
bkb1956, Finance Enthusiast
Category: Finance
Satisfied Customers: 4,767
Experience: IRS Enrolled Agent, 20+ years of experience in tax preparation with associated finance experience.
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Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

If you are audited, the burden is upon you to substantiate your income. If you are living a lifestyle that is beyond the income you have reported, that is a red flag for the IRS, and they have different ways and methods to obtain information.

If you receive payments for goods or services through Western Union or PayPal (even if you do not receive a 1099-K from PayPal), it is your responsibility to report the income.

Please let me know if I can assist you further.

Thank you and best regards,

Barb

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Financial Professional: bkb1956, Finance Enthusiast replied 1 month ago

Just following up with you to see if you have any other questions. If so, please let me know so I can continue to help you.

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bkb1956
bkb1956
bkb1956, Finance Enthusiast
Category: Finance
Satisfied Customers: 4,767
4,767 Satisfied Customers
Experience: IRS Enrolled Agent, 20+ years of experience in tax preparation with associated finance experience.

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