The IRS audited 625,973 tax returns in FY 2022, which resulted in nearly $12.6 billion in additional tax. The majority of these audits (85%) were conducted via correspondence. Facing Audit Fears The IRS probably won’t come knocking; it’s more common to find a letter from the tax collector in the mailbox. Receiving a notice from the IRS is not always as bad as it seems. It’s possible that the understaffed agency is trying to resolve a discrepancy between a line itemnoted on a return and what was reported by a third party. Youmay be asked to provide an explanation and/or specific documentation. Unfortunately, jargon and legalese could make it difficult to understand exactly what the agency is requesting. Before you take any specific action, youmight consult with your tax professional. Source: Internal Revenue Service, 2022 (most current data available)
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