Phil Karter participated in a CPA Conversations Podcast on “IRS Audit Survival Tips”
In a podcast aired on November 23, 2020 in CPA Conversations, Chamberlain Hrdlicka Philadelphia-based shareholder Philip Karter explained that the frequency of IRS audits has decreased, but that doesn’t mean they are any easier for those who find themselves going through the process.
“They are actually dramatically decreasing as budget cutbacks have taken a toll on IRS enforcement efforts, from audits to collections to criminal investigations,” said Karter. “Just to provide some perspective, the IRS is spending less today than it did ten years ago and it is not even taking into account adjustments for inflation.”
Karter further explained that "out of about 200 million tax returns filed, roughly 80% are audited returns by the IRS. This number has dropped to less than half a percent of those compared to more than double that ten years ago.”
Karter also shared best practices for conducting yourself during an IRS audit, factors that may make you more likely to be audited, and ways by which you will be notified if you find yourself under the financial microscope.
To listen to the podcast, click here.