1 in 4 tax-filing Americans fear an audit by the I.R.S.,
Lexington Law recently conducted a new survey, asking 200 tax paying Americans about their tax preparation and filing habits. The study found that 1 in 4 Americans fears being audited by the I.R.S.
The survey also found that men were more fearful of an audit by 12% over women. It also found that 1 in 5 Americans keeps their tax records for over 16 years.
Are you 1 of the 4 fearful of having your finances scrutinized by the federal agency? Data suggests you may be able to relax; the I.R.S. audited less than 1% of the 196 million tax returns filed in 2017.
CPA Lydia Desnoyers told KTRH, "The threat is real, but you shouldn't lose any sleep over it, because they are relatively uncommon, but a general rule of thumb is to keep all your documents for three years."