Wager Mage
Wager Mage
Photo: ArtHouse Studio
Although the IRS audits only a small percentage of filed returns, there is a chance the agency will audit your own. The myths about who or who does not get audited—and why—run the gamut.
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Read More »Myth: You will have to meet with an IRS agent if you are audited The majority of audits are triggered by missing information in tax returns, such as wages from a job, interest from a bank account, or income from selling an investment. Income like this is usually reported on a W-2 or 1099 form that you should receive at the beginning of the year. The IRS also gets a copy of the W-2s and 1099s that taxpayers receive so that their computers can automatically compare the information on your tax return to what the IRS has in its files. When your tax return and the IRS' files don't match up, it can trigger an audit. However, these encounters with the IRS are rarely face-to-face because the first and easiest step is for the IRS to mail you a notice, usually a CP2000 notice, asking about the discrepancy. When responding to the notice, you can indicate whether you agree, partly agree or disagree with the information in the notice and the resulting change that the IRS is proposing to your tax return. If you disagree, you can provide more information or submit an amended tax return that addresses the IRS' concerns. If you agree with the IRS, you can send them a payment with your response or set up a payment plan. There are options to meet with an IRS employee about your situation by scheduling a meeting at a local field office. But, it's often far easier to resolve your issues by timely responding to their inquiry. Myth: Those with low to moderate incomes don't get audited Jensen said the IRS has ramped up the number of audits it does in response to the country's economic woes. That means people should not think they're in the clear if they do not earn a lot of money. “(The IRS) is doing audits across the board, for all incomes,” said Jensen. “Over the last few years they’ve been hiring more people for that.” Still, he reiterates that even though the IRS has increased its level of auditing, the number is a very small percentage of the returns filed. Myth: Filing for certain deductions or credits increases the chance of an audit Many people avoid taking certain credits and deductions—denying themselves tax advantages to which they are entitled—because they believe or have heard that taking them will make them more susceptible to an audit, says Clegg. “I saw many thousands of people who said, ‘No, I don’t want to claim my daughter because she lived with my ex,’ or would not claim certain education credits out of fear," Clegg said. "Fear of an audit would cause people to just hand money over (to the government), money they were entitled to.” Home office deductions are a big inspirer of audit fears, says Jensen. “I hear a lot of people say, ‘If you take a home office deduction you’re going to get audited.’ These days, most or a lot of people have home offices,” Jensen said. “For years, I’ve had a home office, taken the deductions and I’ve never had an audit.” Zinman said triggers for an audit aren't inevitable and automatic. Only when the financial picture painted in the tax return stands out as atypical or beyond common sense should someone be concerned about an audit. He cited the example of a recent client. The individual had experienced financial hardship, dropping from a $350,000-salary job to a $7,000-a-year income and, subsequently, lost his home. “He is worried about getting audited,” said Zinman. “I told him not to worry about it. There’s nothing to fear. The information is true, and it would come down to just explaining the situation to the IRS.”
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Read More »Myth: Audits are done immediately The IRS abides by a statute of limitations of three years after the due date of the return, says Clegg. For “substantial errors,” the IRS maintains it can go back six years and recommends you keep most records at least that long. The experts agree: If an audit is going to happen, it will occur in the latter half of the three-year time frame. “Audits generally always happen two years after you file,” Zinman said. “You’ve got to understand all of the hundreds of millions of people who live in this country and (who) file returns, not to mention corporations. It takes a while for all of these filings to get done and the computer to get through this process.”
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