New IRS Audit Triggers Revealed


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5-24-1You’ve got a 50% higher chance of audit if your income goes above $100,000. The IRS considers anything over $100,000 as ‘high wages.’ Add in one of the following 11 additional audit triggers and your chances go up substantially.

  1. Large number of itemized deductions (that exceed undisclosed IRS targeted amounts),
  2. Tax shelter investment losses,
  3. Complex investment or business expenses,
  4. Own or work in a business which receives cash,
  5. Business expenses are high in relationship to income,
  6. Rental expenses,
  7. Prior IRS audit resulted in tax due,
  8. Complex tax transactions without explanation,
  9. You are a partner or shareholder in an entity that is audited,
  10. You give large amounts of cash to charity, or
  11. Someone has informed on you to the IRS.

Over the next few days we’re going to look at ways you can substantially lower your chances of IRS audit.



7 Comments

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  6. Diane Kennedy says:

    Andres, I am NOT getting on your bad side for sure.

  7. Andres says:

    Someone has informed on you to the IRS?

    So, how does that work? I call IRS and tell them my competition/rival/arch-enemy is not paying his/her taxes, and let them have it with that person?

    My life now has a new meaning 😀

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