The IRS just released its audit statistics for the 2018 fiscal year, and fewer taxpayers had their returns examined compared with prior years. Overall, just 0.59% of individual tax returns were audited (down from 0.62% in 2017). This was the smallest number of audits conducted since 2002. However, even though a small percentage of returns are being chosen for audit these days, that will be little consolation if yours is one of them. The easiest way to survive an IRS audit is to prepare. On an ongoing basis, systematically maintain documentation (invoices, bills, canceled checks, receipts, or other proof) for all items reported on your returns. Contact us if you receive an IRS audit letter.
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