What are my chances of getting through an audit without owing additional taxes?
Fewer than 25% of audit victims make a clean getaway. The IRS audits half as many taxpayers today as five years ago, but the take per audit has increased. The IRS, thanks to its sophisticated computer selection process, audits only those returns in which adjustments are almost a certainty. Realize the odds are against you and focus on limiting the damage from an audit.
Fewer than 25% of audit victims make a clean getaway. The IRS audits half as many taxpayers today as five years ago, but the take per audit has increased. The IRS, thanks to its sophisticated computer selection process, audits only those returns in which adjustments are almost a certainty. Realize the odds are against you and focus on limiting the damage from an audit. For some guidance, see Top Ten Tips for Surviving an Audit.
PSB Holdings, Wausau, Wis., parent of the Peoples State Bank, is preparing to go to court against the Internal Revenue Service in an effort to reverse an audit position taken on the holding company’s out-of-state investment subsidiary. The point of contention for the institution is how the 1RS is assessing…
