How Much Do You Know About IRS Audits?

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How Much Do You Know About IRS Audits?
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The more you make, the more likely you are to be audited by the IRS

March 22, 2019 10:00 a.m. ET

The Internal Revenue Service audits tax returns every year—striking fear in the hearts of many whose accidental or deliberate errors may have led them to underpay the U.S. Treasury While the prospect can be terrifying, very few returns are actually audited and many audits are resolved through correspondence. The volume of IRS audits has declined in recent years to 933,785 in 2017 from 1.56 million in 2011, according to IRS data. Some audits even result in a refund. Many, of course, result in tax liabilities.

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