What are CT and NY Tax Payers Chances of an IRS Audit this Year?
If you worry like I do at tax time, I have some good news for you. This year our chances of being audited by the Internal Revenue Service are significantly lower (the IRS' own statistics tell us this). In fact, they're lower than they've ever been in the past 15 years, primarily due to a reduction of the IRS’ budget according to the New York Post.
While our taxes are due on Tuesday, many Connecticut and New York residents are sweating the tax day deadline, along with the thought of an audit. But in reality the odds of an audit are slim and getting slimmer. Just about one in 160 returns were subject to an audit last year, which is the fewest since back in 2002.
With the IRS budget getting cut by about eight percent in 2017, and more than 7,000 auditing positions tossed, it looks like even fewer tax payers will face an audit this year. (WHEW!)