IRS audit chances...Under $500K

[Cabin111]

This is 2019, but I thought it was a good, quick listen.

 

[bookish]

Joke: It was almost zeo, but now that you posted this its 100%

 

[Saltynuts]

Did not listen, but it is EXTREMELY low as long as you don't put shit wrong on your tax returns that they can tell - for example, if you got 1099s totaling $500k, but you only put down $400k, they are almost certainly going to catch that because it is in their system. 99% of the time they will still just do an electronic adjustment and adjust your tax return for you and send you a bill for the balance, but that could potentially lead to an audit.

 

[kmiklas]

This is 2019, but I thought it was a good, quick listen.

Thanks for this. Follow up vid also pretty good:

 

[murray t turtle]

Did not listen, but it is EXTREMELY low as long as you don't put wrong on your tax returns that they can tell - for example, if you got 1099s totaling $500k, but you only put down $400k, they are almost certainly going to catch that because it is in their system. 99% of the time they will still just do an electronic adjustment and adjust your tax return for you and send you a bill for the balance, but that could potentially lead to an audit.

.
%%
Part of the audit selection is secret + part of it is not.
They also have certain tax audit flags which certain tax lawyer have disclosed.
I've only been audited twice but giving 10% or more is one red flag/never worried about that, because i save evidence.
Also there are plenty of IRS patterns,which are quite interesting.
AK has a notably higher audit rate than other states.
And over $1 million starts getting more audits. Certain IRS districts get much more in % after an audit/dont know if that helps anyone, but if i lived in that district i would be even more careful than i am/LOL