5 Feb 2022
The IRS closed 452,515 individual audits during its fiscal 2020. This represents less than 1% of individual income tax returns filed, so the chances of an audit are slim. However, there are several reasons why your return may get flagged, triggering an IRS notice, tax experts say. Red flags may include excessive write-offs compared with income, unreported earnings, refundable tax credits and more. Crypto trades may also draw scrutiny.
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