Tax season is over, but audits are just begining. In a recent article CNN Money offers six tips to get through the process should you be audited. A few highlights include:
- 76% of audits are “correspondence audits,” where the IRS requests that you send information by mail. Few audits are done in person.
- The IRS usually gives taxpayers 30 days to respond to an audit request
- Finally, “If you end up owing extra money, you’ll get a bill in the mail that’s typically due within 30 days, unless you ask to set up a payment plan. If your federal return ends up being changed, you’ll typically have 90 days to amend your state return as well.”
For more, watch the CNN Money video below:
