The IRS isn’t going to waste time its time on an audit unless agents are reasonably sure that the taxpayer owes additional taxes and there’s a good chance that the IRS can collect that money. This approach puts a focus on high-income earners.Good news. For most people, this is far from reality. The IRS does 70% of audits by mail. But just because you get an IRS audit letter instead of an IRS agent at your door, the outcome may not be much different than a face-to-face audit with an IRS agent. In fact, in 2016, the IRS made a change to the return in 89% of all mail audits.How to Survive an IRS Audit It’s slightly less enjoyable than a root canal, but you can do it. We all dread the thought of having the IRS tell us it wants to review a previous year’s tax return.An audit is arguably the most dreaded outcome of the tax filing process, and the situation carries with it some unsettling mystique. The standard nightmare has Internal Revenue Service agents with badges showing up on your doorstep, or the agency-seizing smorgasbord-style-the bulk of your personal assets.
This video, https://www.youtube.com/watch?v=LI_ayXNIUpo, can also be seen at https://www.youtube.com/channel/UCXyVx2-mciUaBz2-xHlHZig.These “correspondence audits” are, for the IRS, relatively easy pickings and, the IRS argues, they just don’t have the funds to use for audits of the well-off. ProPublica reports that two central.An IRS audit is a review/examination of an organization’s or individual’s accounts and financial information to ensure information is reported correctly according to the tax laws and to verify the reported amount of tax is correct. Selection for an audit does not always suggest there’s a problem.A tax audit is when the IRS decides to examine your tax return a little more closely and verify that your income and deductions are accurate. Typically, your tax return is chosen for audit when something you have entered on your return is out of the ordinary.Audit "Your Guide to an IRS Audit" takes the viewer through the steps of an audit, from notification to closing. The video series is composed of scenarios that demonstrate the stages of each type of audit; correspondence, office and field.