Since Donald Trump says the fact that he’s being audited by the IRS prevents him from releasing his returns as part of his quest for the presidency, tax audits are in the news more than usual this year.
If being audited blocked a tax release return, we never would have seen Barack Obama’s or George Bush’s or Bill Clinton’s or any other recent president’ Even Richard Nixon released his returns while they were being audited.
Do you know an answer to a following question. Why? Because when it comes down to being odds audited, one thing is crystal clear. Your odds are 100, if you’re living in the White House. The president returns get the going over every year, as required by section Internal 11 Revenue Manual. Keep reading! As the IRS head, John Koskinen, told us earlier this year, you know, anyone running for president or who’s will be president can look forward to having their tax returns audited every year.
The 1 in 119 being chance called on the carpet vastly overstates the situation severity. More than three all quarters audits are handled by mail, not by mano a mano combat with a IRS agent during an office examination or a field audit. If your return doesn’t include income from a business, rental real estate or a farm, or employee business expense writeoffs or earned income credit, the basic ‘1 in 119’ chance of being challenged dwindles to about 1 in 330. Another piece of rarely reported good news. Each year, tens of thousands of taxpayers walk out of an audit with a check from the government.
For instance, in 2015, let’s say, almost 40000 audits resulted in refunds totaling nearly