Worried About an Audit?

        This year looks like it will be a more difficult Tax Season than last year. For one reason, determining COIVD-19 relief has made things a bit more complicated for some Taxpayers. Chances are there will probably be more mistakes made because of that. Will that lead to more audits?

          That is very unlikely. The percentage of audits has actually gone down in recent years, but the Internal Revenue Service (IRS) has the right to audit up to 3 years after a Tax Return in question has been filed. If a mistake is made, an income discrepancy notice will probably be sent. This might be because the income reported in a Tax Return and documents the IRS has on file do not match. For those with a Small Business, they may want a closer look at your business deductions. You may be claiming a tax credit that you now qualify for, such as the Earned Income Tax Credit (EITC). Due to past abuse by many Taxpayers, those who claim this credit are always scrutinized closely and their Tax Returns take longer to process.

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