What are My Chances of Being Targeted for an IRS Audit?

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According to the recent Kiplinger Tax Analysis, the Internal Revenue Service (IRS) is struggling with its enforcement efforts as the agency’s funding has been significantly reduced over the past several years. Some interesting statistics included:

  • 2012 audit rate for individuals was the 0.96% – approximately 1 out of 100 filed returns (lowest since 2005)
  • 2013 audit rate for individuals is projected to be at 0.80%

The odds may seem very low for the return to be picked for a review; however, taxpayers should look at the following factors (selected by Kiplinger’s Personal Finance Magazine) that could increase further scrutiny by the IRS …read more

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