Tag: IRS audits

Tagged: IRS audits

The chances of IRS audit are down but you should still be prepared

May 29, 2019 May 28, 2019 Tax Department Tax Bites audit, IRS, IRS audits, statistics

The IRS just released its audit statistics for the 2018 fiscal year, and fewer taxpayers had their returns examined as compared with prior years. However, even though a small percentage of tax returns are being chosen for audit these days, that will be little consolation if yours is one of them. Latest statistics Overall, just[ … ]

Business owners: When it comes to IRS audits, be prepared

May 24, 2017 May 23, 2017 Tax Department Tax Bites business owner, gross profit margin, high deduction, IRS audits

If you recently filed your 2016 income tax return (rather than filing for an extension) you may now be wondering whether it’s likely that your business could be audited by the IRS based on your filing. Here’s what every business owner should know about the process. Catching the IRS’s eye Many business audits occur randomly,[ … ]