The IRS audits only slightly more than 1% of all individual tax returns annually. However, the chances of being audited increase depending upon various factors, including your income level. This blog post will discuss the top red flags that trigger an IRS audit so as to warn taxpayers of situations that increase the chances of
irs audit red flags
Understanding an IRS Audit
An IRS audit is a review of a business or individual’s tax return to ensure that everything was reported correctly in compliance with applicable tax laws. By law, the taxpayer is only required to pay the exact amount of tax owed, no less and no more. Consequently, if a taxpayer incorrectly reports his or her