Omission of Income: Self Employment Tax

Video Transcript

"Okay, if you don’t report at least seventy-five percent of your earnings you are in real trouble, okay and we’ll talk about it later, I don’t like arguing all right, okay, thank you. We quite often run into people, who really don’t have any respect for the system that they should. In the law is a twenty five percent omission policy and it manifests itself right now in a situation where if you have underreported your income by more than twenty-five percent the statue of limitations opens up to six years. So it’s obvious from that alone that you should report all of your gross income and leave it up to us, me maybe. I’m Tom Choisnet, enrolled agent and make sure that you report your gross income that is all that I can say, unfortunately there are too many folks like that guy. Thank you. "