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The IRS develops those "norms" from audits of a statistically valid random sample of returns, as part of the National Research Program the IRS conducts. Basically, even some minor, unexplained ...
The IRS uses that information to compare with your return. If it doesn’t match up, that will trigger a review. Too-high deductions. Certain deductions can be inflated, so the IRS keeps an eye on ...
An IRS audit is a review of an individual, partnership or organization's tax return and financial information to verify that reported information is correct. ... Common audit trigger events ...
One audit trigger is if you exclude some income sources or report a smaller amount of income than you actually received. "Underreporting income would probably be the first red flag," Greene Lewis ...
Nobody wants to face an IRS tax audit, but even if you do everything according to the rules, you could be subject to one. The good news is that the chances of being audited are very low. The IRS...
The IRS has a bad reputation as an agency that seeks to squeeze more money out of taxpayers. But the truth is as long as you are reporting your income appropriately -- taking only legitimate...
Here are the red flags that could trigger an unwanted IRS audit.
The IRS then double-checks your work against … Continue reading → The post What Is a Tax Audit? appeared first on SmartAsset Blog. What Triggers a Tax Audit?