How Seniors Can Avoid an IRS Tax Audit
Many people, particularly retirees, are often surprised when they get notified of a tax audit by the Internal Revenue Service. Being audited can be unnerving, especially when some seniors think they are immune. The reality is that the IRS can audit anyone if the IRS thinks that tax forms are not honestly reporting income, expenses, or deductions.
Time Limits on Tax Audits
It is the goal of the IRS to audit tax returns within two years after being filed. The IRS says that sometimes it will audit taxes filed three years ago—and on occasion, up to six years.
Audits are often conducted through the mail. If mail is the chosen route, letters from the IRS will usually request more information about specific entries you made on your tax forms. Other tax audits involve in-person interviews….