What are the ten things to know About Surviving an IRS Audit?
Tax audits aren't common. In the financial year 2018, a mere 0.6% of individual income tax returns faced audit according to the IRS. The likelihood of being audited by the IRS arises for those earning $200,000 or more. The IRS will contact you if it finds discrepancies between your tax return and the paperwork submitted by your brokerage firms, employer, or any other source. Scrutiny initiates if auditors spot some red flags. Red flags such as failing to disclose taxable inco