5 Activities that Increase Chances of IRS Audit

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An IRS audit is something no one looks forward to. But the IRS has recently employed a higher number of agents to increase their scrutiny of tax returns, resulting in a higher number of cases brought up for audit. Statistics show that overall, only 1.11% of taxpayers were audited last year compared to just 1% the year before. But for certain groups of taxpayers the audit rate was higher. For example, business owners were audited at a rate of slightly over 4% and the wealthier you are the more likely you get audited. Those earning more than a million dollars a year had an 8% chance of being audited.

In addition to your income bracket and business profile, there are other activities that increase your chances of being notified of an audit.

Please see full article below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Darrin Mish, Tampa Tax Attorney, The Law Offices of Darrin Mish, P.A. | Attorney Advertising

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