How far back can you be audited by the IRS?

Answer The Internal Revenue Service, or IRS, has the legal right to go back three years from the day that your taxes are filed. If you are thought to have 25 percent or more of under-reported taxes, the I... Read More »

Top Q&A For: How far back can you be audited by the IRS

Do FAFSA applications get audited?

FAFSA applications get audited randomly and also when certain information raises a red flag for verification. If your application is audited, SimpleTuition says you may need to provide past federal... Read More »

How many bankruptcy cases get audited?

At least one out of every 250 bankruptcies are audited every year and those audited tend to involve higher-than-average incomes or expenses for that bankruptcy district. The goal of the audit is to... Read More »

How likely is a tipped employee to get audited?

People who work in service industries that typically receive tips are about 5 times as likely to be audited as someone who does not work in a commonly tipped position. The odds are still in your f... Read More »

What is an audited financial statement?

An audited financial statement is prepared and certified by a certified public accountant. The CPA or auditor ensures that the statements conform to the requirements of the generally accepted accou... Read More »