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What are the risks of getting an IRS Tax Audit? The odds are low that your tax return will be picked for an audit. The IRS/State does not have sufficient personnel and resources to examine every tax return, so the IRS/State selects those tax returns, which upon preliminary inspection, have high audit potential—those that are most likely to result in a substantial tax deficiency.
In recent years, less than 2% of all individual income tax returns have been audited. However, your chances for an IRS/State tax audit are higher depending upon certain types of income, your professionalism, the types of transactions, and the types of tax deductions claimed on your tax return.
All IRS/State audits should be taken seriously though, because they often lead to other tax years and other tax deductions not originally stated in the audit letter.
Ultimately, this can cost the taxpayer hundreds, even thousands of dollars.
Remember, in addition to any ‘findings’ by the auditor of unpaid taxes, you will also be assessed interest and penalties.
Would you go into a courtroom without a tax attorney or enrolled agent?
Do not take chances when you need tax audit help. Hire an expert who will vigorously and objectively defend your rights.
Triangle Tax Services is highly skilled at representing those with IRS/State tax audits. For more information on Audits, please contact us.
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