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IRS Audits few people earning less than $200,000

December 23rd, 2009 · No Comments · Tax Retuns

Per the The Wall Street Journal / The Associated Press article published 12/22,  Tax returns showing earnings of under $200,000 have just a 1% chance of being audited, according to IRS enforcement numbers released Tuesday. The chance of an audit increases to about 3% for earnings of $200,000 and over, and 6% for returns showing earnings of $1 million or more. Audits of returns showing earnings of $1 million or more rose 30% between 2008 and 2009.

Remember a CPA can represent you before the IRS – take caution if you are doing taxes yourself without professional advice.

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