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The IRS strikes fear into the heart of many Americans due to their power to audit tax returns. In fact, according to a recent survey of 1,002 Americans by GOBankingRates, nearly 11% of respondents...
Here are the red flags that could trigger an unwanted IRS audit.
Those who make more than $1 million are more likely to get audited by the IRS. For example, the IRS reviewed 0.2% of all individual tax returns for tax year 2019.
The majority of individuals being audited will receive a letter in the mail that outlines the IRS audit process. Avoiding Audit Scams If you’re audited, you’ll be notified by mail.
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Some people aren't paying their taxes. According to the Internal Revenue Service, the tax gap for the 2021 tax year increased to $688 billion. This was more than $138 billion higher than the 2017...
Nobody wants to face an IRS tax audit, but even if you do everything according to the rules, you could be subject to one. The good news is that the chances of being audited are very low. The IRS...