IRS Audit

An IRS audit is a review by the Internal Revenue Service to examine an individual's or business's tax returns and financial records. The purpose is to ensure that the reported income, deductions, and tax owed are accurate and compliant with tax laws. Audits can be random or triggered by discrepancies, such as unusual deductions or income levels. Taxpayers may need to provide documentation to support their claims. While audits can seem daunting, they are a standard part of the tax process, and the IRS aims to ensure fairness and compliance with tax regulations.