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COVID-19 Colorado Tax Law Questions & Answers
1 Answer | Asked in Tax Law for Colorado on
Q: What are the penalties for failure to report income? How serious does the IRS pursue these cases?

Over a period of multiple years.

Linda Simmons Campbell
Linda Simmons Campbell
answered on Mar 21, 2020

If the person is audited then they can receive up to a 50% penalty depending on whether or not the IRS considers it fraud or not. That is on top of all the other penalties and interest that will also be assessed. I cannot tell you whether or not the IRS will audit a taxpayer without a lot more... View More

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