reprinted from Kiplinger
Want to know your chances of being audited by the Revenue Service? New IRS statistics give the details on audits of individuals in fiscal 2010. The overall exam rate for individual returns rose to 1.11%, the highest since 1997. Taxpayers with incomes of $1 million or more got the most scrutiny. The Service audited 8.36% of these filers. That’s one out of every 12 returns. Three other classes of taxpayers experienced significant audit heat as well, with audit rates more than twice the average: Filers with incomes of at least $200,000 but less than $1 million. Business returns with gross receipts of $25,000 and up, such as Schedule C filers. And returns where the earned income credit was claimed. We have compiled a list of common audit triggers...a dozen ways your return may draw extra scrutiny.
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