What Happens If You Are Audited and Found Guilty

The mention of an audit by the Internal Revenue Service (IRS) often sends shivers down the spine of taxpayers. The process can be intimidating and the potential outcome overwhelming. This fear is often amplified by the possibility of being found guilty of tax evasion or fraud. So, what happens if you are audited and found guilty? The outcome depends on the nature of the issue and how it is handled. It's important to remember that being audited does not automatically equate to being guilty. Audit Assessment: When you're audited, the IRS reviews your financial records to verify that your tax…