IRS Audited Over Half Million Tax Returns

The IRS processed approximately 266 million tax returns for 2024, conducting 505,514 audits. An IRS audit is a review of an individual's or organization's accounts and financial information to ensure accuracy and compliance with tax laws. If selected, taxpayers typically receive a notice detailing the audit's scope and required documentation. The process can involve correspondence, office, or field audits, and may result in additional taxes, refunds, or no change. Understanding the process and preparing necessary records is crucial for those selected.