Considerations after Tax Season has ended…
Considerations after tax season has ended… What happens after your taxes are filed and the season is over? Local tax experts at Cook CPA Group address concerns like audits.
Your taxes have been completed, your CPA has filed electronically, and you receive the completed tax packet. What is next?
Are you someone who worries about an IRS audit?
Ever wonder what your odds are of being selected for an IRS audit? Here is some information that can help you to relax:
Statistics just released for tax returns filed in 2011 and audited in 2012 show the following:
- Individual tax returns had an audit rate of 1%
- Business returns with income under $200,000 were audited 3.6% of the time; returns with income over $200,000 were audited at a 3.4% rate
- Large corporations had a 17.8% audit rate
- Small corporations had a 1.1% audit rate
If you receive an audit notice or have other questions about your return, please contact us at Cook CPA Group at evelyn@cookcpagroup.wpengine.com or 916-432-2218.