I used to receive commission for Real Estate Deals on a 1099 basis last year totaling a little over $15,000. I also had W2 income somewhere else. I didn’t report the 1099 income on my tax return just due to being negligent, and I think the person who issued me the 1099s surely filed them. This previous office has had a back track record of agents being audited by the IRS for under reporting income. I’m getting a little worried. What will happen if I get caught?
I am worried I might be convicted of Tax Fraud. How serious is this? What are the laws, penalties, and sentencing?
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Answer: (1)
Under reporting income, or “forgetting to report” income from other sources is actually quite common. If the amount isn’t too large, which it isn’t in your case, basically the IRS will eventually find out, and send you a letter requesting you to pay the unpaid taxes plus some penalty fees. It isn’t too big of a deal and you will not have anything imposed on your record, no jail time, nothing like that at all.
However, if you fail to respond to the letter requesting full payment, then you are in serious trouble. Under current tax fraud laws, this can land you large fines and jail time for up to one year.
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Posted by Staff Writer on 22 Jan 2010