The chances of an IRS audit are low, but business owners should be prepared
Submitted by Eck, Schafer & Punke, LLP on December 18th, 2019Many business owners ask: How can I avoid an IRS audit? The good news is that the odds against being audited are in your favor. In fiscal year 2018, the IRS audited approximately 0.6% of individuals. Businesses, large corporations and high-income individuals are more likely to be audited but, overall, audit rates are historically low.