12 THE QUEENS COURIER • DECEMBER 9, 2021 FOR BREAKING NEWS VISIT WWW.QNS.COM
Red Flags that Could Trigger an IRS Audit Karen Jou, CPA-Owner
We now know that the IRS audit rate dropped to
0.4% of all individual tax returns. That works out to
most were low-level correspondence audits. The IRS is
1. Failing to report all taxable income
6. Claiming 100% business use of a vehicle
7. Claiming a loss on a hobby
9. Taking an early payout from an IRA or 401(k) account
11. Failing to report a foreign bank account
12. Claiming the American Opportunity Tax Credit (AOTC)
Conclusion
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