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IRS Audits By Mail Increase

submitted on April 5, 2011 by CouponNut in "Member's Lounge"
Does thinking of an audit by the IRS got you shaking in your shoes? IRS audits are on the rise, so don't be surprised if you get selected. Even though the IRS is requesting the basics, the complicated jargon makes it difficult for taxpayers to understand that its even a request for an audit.

Talk to the IRS to help resolve any issues and problems immediately to defer any penalities and interest that may begin to accrue.

Read more:


http://custom.yahoo.com/taxes/.....s-cnnmoney
        

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  Comments
  • 110323
    orangearrows
    professor
    2 3
    7 1 1
    Posted by orangearrows on April 5, 2011
    [reply] 1 0
    Thanks for the info - good to know.
  • 110370
    sandyshore
    professor
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    12 8 1
    Posted by sandyshore on April 5, 2011
    [reply] 1 0
    I was audited the first year I was self employed, it was also the year many of my deductions changed because my divorce was finalized that year. It really wasn't as bad as I feared it would be and I understand why I was selected with all the changes that year. I can't imagine having had to answer the questions I answered that year by mail rather than in person. I think that being able to explain everything completely in correspondence would be much more difficult.
  • 110462
    YanBz
    admin
    Posted by YanBz on April 6, 2011 [reply] 0 0
    I heard on the NPR yesterday that IRS is really ramping up audits for rich folks

    If you make between $5 million and $10 million then there was 12% likelihood that you would be audited in 2010, a 54% jump from the previous year.

    If you make over $10 millions, the chances go up to 18% (73% increase over 2009)

    Here is a relevant CNN Money article: http://money.cnn.com/2011/03/2...../index.htm

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