What Cash Businesses Can Do to Avoid IRS Audits
BY JEAN MURRAY Updated July 11, 2019 Cash businesses (those that take in mostly cash, such as restaurants, flea market vendors, beauty salons, and many others) are more likely to be audited by the IRS and have a particular problem when audited because it is difficult to verify income received in cash. It’s called the […]
It’s Getting Worse: The IRS Now Audits Poor Americans at About the Same Rate as the Top 1%
by Paul Kiel May 30, 10:16 a.m. EDT As the agency’s ability to audit the rich crumbles, its scrutiny of the poor has held steady in recent years. Meanwhile, a new study shows that audits of poor taxpayers make them far less likely to claim credits they might be entitled to. Every year, the IRS, starved of funds […]
Surprisingly good news about IRS audits.
What the Odds Are That Your Tax Return Will Be Audited, and What to Do If It Is Overall, the odds are reassuring. The vast majority (99%, in fact) of individual income tax returns skate safely past the IRS audit machine. Better news: The 1-in-100 chance of being called on the carpet really overstates the […]