Why you probably won't get audited this year...

[DGUtley]

Why you probably won't get audited this year... Millionaires and billionaires likely won’t either…but President Biden wants to change that


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Filing taxes can be stressful, with America’s complicated tax code turning what could be simple formulas into quadratic equations. But if your anxiety comes from the fear that a filing mistake could turn into a painful audit, you can likely stop worrying, based on recently-released figures from the Internal Revenue Service (IRS).
In the last decade, your chances of getting audited have shrunk from slim to virtually none. According to Dept. of Treasury figures, out of more than 199 million tax returns in FY 2019, only 771,095 returns were examined - a drop of 44% from FY 2015.


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https://www.lx.com/community/why-you...is-year/36603/

[Peter1469]

I was never fully audited. I did get a letter from the IRS 2 years after filling stating that I underpaid- apparently one of my financial institutions didn't send me my tax forms so that info never made it onto my form. Had I not just paid I likely would have gotten audited, but I could find all of my records so I just paid. It was quiet a bit of investment income.

[FindersKeepers]

Our accountant, an ex-IRS agent, advises us to file an extension and then file our taxes in late summer. He says that makes it an even less chance of being audited. The money is still due on time, though.

[DGUtley]

We got a letter one year that said we owed some money. I wanted to pay it but our accountant said: Nyet, you don't owe it. He fought it and was right.