Concerned That Your Tax Return Will Be Audited?

Posted on January 21, 2014

Are you concerned that your tax return will be audited?

Unless your tax return contains substantial errors or takes a position contrary to law, the odds of the IRS auditing your federal Form 1040 tax return are less than 1.0%.

In 2013, the IRS’ audit rate for typical 1040 tax returns fell below 1.0% for the first time since 2006.  If you have assets of more than 10 million dollars, the odds of you being audited also dropped but are substantially higher, at 15.8%.

For taxpayers with assets of more than 250 million dollars, the audit rate increased to 33.9%.  The reason for the drop in audits is because the number of Revenue Officers, Revenue Agents and Special Agents fell to 19,531 individuals, the lowest number in a decade.  The money the IRS collected from examinations also dropped to the lowest figure in a decade.

However, the money collected through enforced collection action increased in 2013.  Do you owe money to the IRS or have unfiled tax returns? Are you being audited by the IRS? Call us, we can help.

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