1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

What Are the Chances of your Tax Returns being Audited?

Discussion in 'Individuals' started by Roy Vargis, May 11, 2011.

  1. Roy Vargis

    Roy Vargis Super Moderator

    Messages:
    53
    Likes Received:
    0
    Trophy Points:
    0
    Each year, the IRS releases a publication entitled the “Data Book.” The 2010 version of the book was released in early March, which provides statistical data on its fiscal year (FY) 2010 audit activities. The book provides valuable information that include how many tax returns the IRS examines (audits), how they examine them, and what categories of returns IRS is focusing its resources on.

    Keep in mind that audits usually occur one to two years after the return is filed. The data found in the 2010 Data Book is based upon returns filed in calendar year 2009, which will be predominantly 2008 returns, and audited in fiscal year 2010. Year-to-year changes are compared to returns filed in 2008, and audited in fiscal year 2010, which are predominantly 2007 returns.

    Overall chance of being audited – Out of 142,823,105 total individual income tax returns filed in 2009, 1,581,394 were audited. This works out to roughly 1.1%, a bit higher than the 1% rate for the previous year. Continue reading...
     
  2. kathmoore

    kathmoore Junior Member

    Messages:
    1
    Likes Received:
    0
    Trophy Points:
    0
    Re: What Are the Chances of your Tax Returns being Audited?

    One of the chances you might be audited is the irregularities in tax returns.

    We all know the Internal Revenue Service (IRS), every year, produces an enforcement report. This report details the activities of the IRS division that audits returns, and offers insight in to trends that might impact the next year. This yearly IRS audit report is produced annually as a way to study who is audited and just how those individuals are chosen. So if you have irregularities in tax returns will almost always trigger an audit. For individuals that make less than $200,000 a year, however, that audit is not very likely. If you get audited, you may need a to pay fees. You must know your obligation in paying your tax at time. Read this http://personalmoneynetwork.com/moneyblog/2012/01/06/irs-audits/ to read the topic.
     
  3. cristacherish873

    cristacherish873 Junior Member

    Messages:
    20
    Likes Received:
    0
    Trophy Points:
    0
    Re: What Are the Chances of your Tax Returns being Audited?

    Do you think we can all trust this uncertain chances? Not at all.
     

Share This Page