Mar 5, 2008

IRS Audit Realities

The reality in an IRS audit is that most do not walk out without an additional tax liability. In fact, 2006 statistics show that an individual owes almost $18.000 a year more if they are examined by a Field Revenue Agent. If an individual is examined by mail, the average additiona tax bill, per year, is almost $8,000.

If your income is above $100,000, the average Field examination will get the IRS over $54,000 in additional tax!

Your chances of getting examined vary by income level but, overall, are about 1 in 200.

If you are under examination by the IRS, the worst action to take is no action. Hire a tax professional who is competent in resolving IRS disputes and solve your problem pro-actively.

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