IRS Is Doing Fewer Audits

posted by WKIP - 

(New York, NY) -- In case you haven't done your taxes yet, here's something you might be interested in knowing: Your odds of being audited by the IRS are the lowest in more than a decade. 

The tax agency reports the percentage of individuals' tax returns being audited fell to seven-tenths of a percent in the 2016 fiscal year. That's the lowest since 2003. To put it another way, you have a one in 143 chance of being audited.

Business owners also face declining chances of being audited. Less than one-half of one-percent of small and large corporations, partnerships and so-called subchapter S returns were audited last year, the lowest rate since 2004.


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