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What does it mean to get audited?

Back in the day, the word “audit” conjured up widespread fear and loathing. With an astonishing 5.6 percent of all Americans receiving that dreaded audit notice from the Internal Revenue Service in 1963, nearly everyone knew someone who had been subjected to a tax audit. The number of IRS audits has declined sharply since then, […]

Your IRS Letter Explained: What to Do

As a taxpayer, one of the most frightening things you could receive in the mail is an IRS letter. Depending on the notice that you receive from the IRS, it can cause anxiety and fear, and you may even feel unsure about what your next move will be or what tax solutions may be available […]

IRS Tax Audit Penalties & What You Should Know

If you have been summoned for an audit by the IRS, you should know that the odds of escaping without owing additional taxes are slim. In general, the IRS does not spend resources on conducting tax audits unless there’s a good chance for significant revenue to be gained. What you may not be aware of […]

When Does the IRS Pursue Criminal Charges?

Statistically, your chances of being charged with criminal tax fraud or tax evasion by the IRS are minimal. The IRS initiates criminal investigations against fewer than 2% of all American taxpayers. Of that number, only about 20% face criminal tax charges or fines. Related Article: The IRS Criminal Investigation Process Unofficially, the minimum amount of […]

How to Know if the IRS Is Auditing You

You may be under the impression that if you’re being audited, you’ll find out by a strong knock at your front door. Unless you’re in serious trouble, this won’t be the case. How will you know if you’re being audited? Short Answer: The IRS will let you know directly. The only way you’ll know for certain if […]