It’s unlikely that you’ll be audited — the IRS audits less than 1% of the tax returns it receives. If an audit notice does show up, though, tax pros say there are a few basic steps you can take to ...

As the sun rose April 18, millions of Americans woke with a sense of relief. Tax day had come and gone, the tax forms having been duly deposited in the mailbox the day (or night) before. For those who ...

With the 2023 tax season underway, some taxpayers are more likely than others to face audits from the IRS after filing. Research out from Stanford University found Black taxpayers are 2.9 to 4.7 times ...

The United States has a voluntary tax reporting system. Once a tax return is filed, however, the IRS will seek to verify that filed tax returns comply with the tax laws. To achieve this, an IRS audit ...

Getting an audit letter from the Internal Revenue Service (IRS) can be stressful, but it doesn't automatically mean you're in legal trouble. "Don't panic," says tax attorney Alyssa Maloof Whatley. "A ...

You may picture a tax audit like a scene in the movies: IRS agents in dark suits show up at your door and sift through boxes of papers. Instead, most tax audits are much less dramatic. They usually ...

Franklin D. Roosevelt famously said, “The only thing we have to fear is fear itself.” It’s good advice in general — unless you get an audit letter from the IRS. The agency’s authority to collect taxes ...