Im screwed!! IRS wants to know where I got that 5k **** from!

[TheMoneyShot]

Such BS

[newguy]

As I understand it, when someone is audited, they ask you for your bank account information, or they ask you to sign a waiver for them to be able to look at it. This doesn't seem to be the case in the OP, so it is unlikely that this knowledge on the part of the IRS occurred as a result of an audit. What is more likely is what you said in your next post which is the the homeland security angle where the IRS found out about the 5k deposit because of banks reporting requirements regarding international wire transfers.

This. IRS doesn't just randomly Audit bank accts without your knowledge. If they did, you would get a visit from FBI, not letter in mail.

[Cougar Bait]

I am sure Brock Landers could get you out of this

[SharpBoxing]

USA seems to resemble allot like nazi germany. I tought you guys were living in the land of the free

[dice]

The IRS only cares that you're paying your taxes on your gambling winnings? It's best to pay your taxes regardless if you're playing in Las Vegas or offshore.

[Living The Dream]

LTD , possibly you are correct... but IRS will withhold a return if they see a red flag

For someone who hasn't already set up a red flag, 5000 is nowhere near enough to set a random red flag. 10,000 cash deposits or higher will set red flags because banks report it. Not 5000.

If so, how are all the football players getting bounties not setting red flags?

Irs only pays attention to bank accounts of people who screw something up in a return to start.

[Mr KLC]

I would think that there is more to this story that is not being told.

[hockey216]

You tell them that you accidentally forgot to include it as income. You file an "amended" return listing your 5,000 as gambling income. You simply say it was a mistake and you forgot to include it. You then amend your 1040 to increase your adjusted gross income 5,000 and you pay taxes on it.

If they audit you, they will catch you, and you are going to have to pay taxes on it anyway.

At least this way, they will not throw you in jail.

If the IRS thinks you are lying or are hiding income from them, they will throw your ass in prison. The IRS does not fuckk around.

You need to file an amended return and list that $5,000 as income. Amend your 1040 right now. You state that you accidentally forgot to list it as income. It was a mistake. You did not do it on purpose. You list it as income and you pay them taxes.

Nobody likes taxes, but this will keep you out of prison.

Do not fuckk with the IRS. They have all the power in the world. They will throw your ass in jail. You need to file an amended 1040 to include the $5,000 as income.

[YorkHunt]

Call an accountant