DiSabatino CPA Blog

DiSabatino CPA Blog

A blog by Michael DiSabatino CPA with topics on Tax Savings, Business, Management and more...

Five Reasons Why the IRS Will Audit You

Each year, the IRS audits over 1 million tax returns. With agency resources shrinking, the IRS is more selective when choosing tax returns to audit. Knowing what the IRS is looking for can help you understand and reduce your audit risk. Here are five of the biggest reasons the IRS may choose to audit your return:

Continue reading
0
  402 Hits

Chances of Audit Continue to Drop What you need to know

You can be audited the later date of either three years after the filing deadline of your tax return or when you actually filed your tax return. However, there are two main exceptions to this rule that can extend the risk of being audited;

1

If the IRS audits a tax return and discovers an error of more than 25% of your claimed tax obligation they can go back six years.

2

 If the IRS deems there is fraud involved, they can go back indefinitely.

Every year the IRS publishes their examination statistics. Provided here are three years of published information to help you identify trends:

Continue reading
0
  7756 Hits
 

Speed Up Your Success!

Contact Us Today: 1-805-389-7300

© 2006-2018 Michael DiSabatino, CPA. All Rights Reserved.