The IRS audit surge is driven by new funding aimed at cracking down on tax evasion. Wealthy individuals and large corporations are the primary targets. This article explains why this surge is happening, who will be most affected, and how to stay compliant. Key Takeaways The IRS is undergoing a significant transformation with $80 billion…

The Internal Revenue Service (IRS) conducts business audits to check if a taxpayer’s business tax return is accurate. This process involves examining the taxpayer’s financial accounts, supporting documents, and other information to verify the reported information, such as income. The audit may result in the taxpayer owing additional taxes, penalties, and interest. Businesses can be…