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By Skyline On Friday, March 03 rd, 2017 · In

FIELD NOTE: MARCH 2016

THE GOOD, THE BAD, AND THE UGLY OF TAX SEASON

 

The good news, tax season will soon be over. April 18th is the deadline to file your 2016 taxes, and March 15th is the deadline for S corporations, and now, all LLCs.

The bad news, 0.7% of all tax returns are audited. Slim odds, but those audits brought the IRS and additional $17.7 billion in 2015. Here’s a breakdown of audit type as provided by the IRS:

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The ugly news, risk of audit increases with income (measured in AGI). A tax return with an AGI of $75,000 has a 0.5% chance of being audited, compared to a 35% chance of being audited for AGIs over $10 million.

If you are concerned about the audit risk of some element of your tax return, we invite you to talk to your advisor.

Sources: 2015 IRS Databook

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