While some people sweat at the idea of preparing for an IRS audit, there’s good news: the chances of getting audited are lower than they’ve been since at least the 1980s.

Budget cuts and new responsibilities are limiting the Internal Revenue Service’s (IRS’s) resources and ability to police tax returns, so this year, the agency is only going after the “worst of the bad guys,” according to the Associated Press.

Although the audit risks are lower this year, it doesn’t mean all taxpayers are off the hook. Here’s how to prepare for an IRS audit.

Last year, the IRS audited less than one percent of all returns from individuals, reports the Associated Press.

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Related Resources:

  • IRS Has 3 Years to Audit Tax Shelters (FindLaw’s Free Enterprise)
  • Avoiding an Income Tax Audit (FindLaw)
  • Will Filing For Bankruptcy Cause an IRS Audit? (FindLaw)
  • Sign Up for Our Free Legal Planning Newsletter (FindLaw’s Legal Heads-Up)

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