In reality, the IRS audits quite a few returns considering the millions of tax returns they process annually. The average number of returns audited annually totals just under 1%. The IRS doesn’t routinely audit a tax return unless there is some key indicator. For instance, this could include a higher level of deductions compared to revenue earned, a deduction that requires documentation, or a specific item that’s on the list of “red flags.” If you ever do acquire a letter stating you are going to be audited make sure you contact Your IRS Problem Solvers or accountant right away for assistance in preparing a response. Explanations for an IRS Taxes Audit The IRS has a standard list of reasons for requesting an audit. Just only because your return falls into one of these categories does not automatically mean you will be audited, but it certainly increases your chances. You may be Continue reading about Worried About an IRS Audit? Here’s What You need to know!
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