What happens when you owe the IRS more money than you can afford to pay by the due date?
Alyssa joins the Fashion Law Network podcast to discuss the tax implications of Hollywood swag/gift bags, celebrity and influencer tax issues, and the recent Gucci tax evasion case.
Understanding what each is can make a difference in how the IRS looks at what you have done. This video and article explains.
If just the title of this post is giving you heart palpitations, take a deep breath. Only about 0.45% of tax returns were audited in 2019. Your chances are very low that you will receive a letter from the IRS. Still, there are a few red flags that could prompt the IRS to take a second look at your tax return, and it’s important to know what they are—because forewarned is forearmed.
“I was shocked by the amount of money I owed, and I was scared that I could lose everything,” Katie says.