What Could Trigger an IRS Tax Audit?- TurboTax Tax Tip Video

Описание: https://turbotax.intuit.com/tax-tips/... Taxpayers are often worried about what triggers a tax audit. One common concern is whether filing an amended return to change your filing status will lead to an audit. Watch this video to find out if amending your filing status will trigger an IRS audit.

00:00 What Could Trigger an IRS Tax Audit?
00:17 The good news
00:36 3 common audit triggers
01:36 When the IRS will process and accept your tax status change
01:54 What to do if you’re audited
02:12 TurboTax Solution

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Video Transcript ~ What Could Trigger an IRS Tax Audit?- TurboTax Tax Tip Video:

Wondering what could trigger an IRS audit?

We'll break down audits in this edition of tax tips by TurboTax.

Taxpayers often wonder if filing an amended return just to change their status might lead to an IRS audit. The good news is that amending a return isn't unusual, and doesn’t raise any red flags with the the IRS.

The IRS actually encourages you to correct mistakes. So, don't let fear of an audit stop you from amending your return if you need to.

But how does the IRS decide which tax return to audit? There are several factors that could trigger an IRS audit of your return.

Let’s look at three common reasons.

One:

The IRS compares your return to a random sample of returns from similar taxpayers. If something seems unusual, you may be selected for an audit.

Two:

The IRS receives copies of your W-2 and 1099 forms. So, if the income you report on your return doesn’t match what's reported on those forms, you may be selected for an audit.

And three:

Reporting transactions with business partners, investors, or other taxpayers whose returns were also selected for audit could lead to your return being audited as well.

Keep in mind that your chances of being audited are relatively low, as less than 1% of tax returns are selected to be audited. And if you're amending your return to only change your filing status, you can minimize your chances of an audit by providing a thorough explanation for the change.

The IRS will generally process the amendment and accepts the change if you are eligible to use the new filing status and could have used it on your original return.

However, the IRS doesn't allow changing your filing status from “married filing jointly” to “married filing separately” after the tax deadline.

So, you've been selected for a tax audit. Now what?

Remember that an audit is simply a review of your return. If you've accurately reported your income, deductions, filing status, and other items on your return, you have nothing to worry about.

But for more peace of mind, you can get one-on-one audit guidance from an experienced tax professional through the TurboTax Audit Support Guarantee.

Or you can purchase TurboTax Audit Defense for additional representation in case of a tax audit.

Visit https://turbotax.intuit.com for more info to help you file your taxes with confidence.
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