If you’re currently dealing with an audit, you may wonder how far back the IRS is allowed to go in reviewing your tax returns and assessing additional taxes and fees.
When Tara walked out to her mailbox and saw the heavy envelope from the IRS with the handwritten address, she had a bad feeling before she even opened it.
If you are one of the less than one percent of people who receive an IRS audit letter, don’t panic. More than likely, your tax return was flagged because of one of these common IRS audit triggers.
While nearly 150 million federal tax returns are filed each year, the IRS audits less than 1% of them. However, for those that do get caught in the government’s crosshairs, the audit process can be long and costly.