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Article Date:
May 2007


Word Count:
387

 

 

Your Chances of Audit Are Increasing


In March 2007, the IRS released its latest audit statistics.1 Your odds of avoiding an audit are getting worse.

 

The IRS audit coverage of proprietorships is based on total gross receipts (TGR) found on Schedule C of your Form 1040. For fiscal year 2006, the IRS examined

 

·

3.8% of the returns reporting TGR under $25,000;

·

2.1% of the returns reporting TGR from $25,000 to $99,999; and

·

3.9% of the returns reporting TGR of $100,000 and more.

Audits are either in person or by correspondence. In ... Log in to view full article.

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