Comment by soared
2 days ago
This is incorrect - the higher your income the higher percent chance you have of being audited. (Also higher for very low income <25k)
https://www.congress.gov/crs-product/IF12521#:~:text=The%20I...
2 days ago
This is incorrect - the higher your income the higher percent chance you have of being audited. (Also higher for very low income <25k)
https://www.congress.gov/crs-product/IF12521#:~:text=The%20I...
Because it's technically not "audit". They just send you an automated letter if they find any discrepancies: https://www.irs.gov/individuals/understanding-your-cp2000-se...
And they _will_ find them. For example, one year I forgot to add a line from one of 1040 forms to my return. I got a notification from the IRS about a year later that I have under-reported taxes.
And with the defunding of the IRS, they'll severely limit the complex audits.
"The IRS unit that audits billionaires has lost 38% of its employees since January, new data shows" https://www.icij.org/news/2025/03/the-irs-unit-that-audits-b...
"After mass firings, the IRS is poised to close audits of wealthy taxpayers, agents say" https://www.icij.org/inside-icij/2025/03/after-mass-firings-...