12 IRS Audit Red Flags for Retirees
You may be wondering about your odds of an IRS audit. Most people can breathe easy. The vast majority of individual returns escape the IRS audit machine. In 2019, the IRS audited only 0.4% of all individual tax returns, and 80% of these exams were conducted by mail, meaning most taxpayers never met with an IRS agent in person. Also expect the audit rate to drop for 2020 because the coronavirus pandemic has dampened the IRS’s enforcement efforts. As a result, the odds that your return will be picked for review are generally pretty low.
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