Your Odds of an Audit
What are your chances of being audited?
Tax returns submitted to the IRS are automatically examined by the agency's information return matching program and figures reported for a various income types and deductions are checked for variances. These may be in relation to the national averages or in relation to data regarding your personal finances which is drawn from other sources or tax returns of related individuals. Although it is not possible to predict which returns will be selected for an audit, there are some items which are known to increase the likelihood of this occurring.
Some of the main ones an experienced Miami tax lawyer would recognize include:
- Itemized deductions - These will be compared to the averages for your tax bracket to show up any unusual amounts.
- Hobby losses - Losses can only be claimed for activities legitimately run as a business. If you consistently report losses from a sole proprietorship on a Schedule C, this may be investigated as to legitimacy.
- Home office deductions - There are specific requirements that must be met in order to claim costs relating to a home office so this area is commonly inspected for failures to meet these and thus validly claim these expenses.
- Casualty losses - Only certain types of events may be considered here and then any claims made must meet certain requirements regarding amounts and percentages, and related details.
- High income - Returns involving more money are of particular interest to the IRS as there is more potential to recover additional taxes.
Refer the IRS to Your Miami Tax Attorney
At the Tomas Law Firm, our founding attorney makes a point of being available for his clients and will work with you in pursuit of a successful resolution of your tax issues. Mr. Tomas, a Board Certified Tax Attorney, has successfully represented clients against the IRS at the field and appeals level, as well as before the United States Tax Court.
If you have been, or expect you may be, selected for an audit, contact a Miami tax attorney immediately.
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