Why your tax return may spark interest from the extortionist IRS

Fewer than than 0.5% of tax returns were audited in fiscal year 2019.
Some inquiries from the IRS fall short of an official audit, which the agency gets three years to initiate.
While earning a lot of money puts you most at risk for an audit, income isn’t the only thing that may generate interest in your return.

Why your tax return may spark interest from the extortionist IRS 105666556-1546975842669img_8873

The IRS may be auditing fewer tax returns than it once did. That doesn’t mean you can pull a fast one on the taxman.
Basically, many of the agency’s systems are automated to spot certain discrepancies, and some parts of tax returns typically generate more scrutiny than others.

This means there’s still the risk that you could hear from the IRS.
“A lot of this is done by analytics and computers and the farther you are from the normal range for similar taxpayers, the more likely you are to get a love letter in the mail from the IRS,” said CPA Jeffrey Levine, director of advanced planning for Buckingham Wealth Partners.

https://www.cnbc.com/2020/03/12/why-your-tax-return-may-spark-interest-from-the-irs.html

Why your tax return may spark interest from the extortionist IRS

Why your tax return may spark interest from the extortionist IRS

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