What are the Chances of Being Audited by the IRS?
For Fiscal Year 2022 the total number of audits was 626,204 out of 164,545,167 filed individual returns. However, the audits that do occur do not equally impact all taxpayers.
Although the likelihood of being audited is not very great, some taxpayers are more at risk than others based upon income, geography, and issue reporting. And selection for an audit does not suggest there’s a problem — there are several reasons why your tax return may stand out among the thousands open to audit scrutiny.
WHAT CAN INCREASE YOUR RISK FOR BEING AUDITED?
Click here to read more of Attorney, Phyllis Horn Epstein’s article in the April 2023 issue of The Practical Lawyer Magazine
