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IRS audits are completely miserable. Luckily only a very small percentage of the population is audited by the IRS every year. The IRS has a process for choosing who gets audited. However, many people are completely unaware of how this process works. The selection process involves multiple different steps.
In this video, tax expert Karlton Dennis explains exactly how the IRS chooses who it selects for audits. Knowing the process that the IRS uses for audit selection can help you to understand whether or not you are likely or unlikely to be selected for an audit. It can also give you a better idea of how the IRS works.
If, after watching the video, you find that you are more likely to have a higher chance of being audited, then there are things you can do to potentially reduce your audit risk. However, it is always a good idea to make sure that you are doing everything that is necessary to comply with tax law in case you do end up getting audited.
CHAPTERS:
0:00 Intro
0:16 Discriminant Function System (DIF)
1:51 How the IRS Is Using AI
4:14 The Problems wih the IRS’s Use of AI
7:24 The Bottom Line
7:54 Subscriber Question!
8:53 Outro
*Disclaimer: I am not a financial advisor nor am I an attorney. This information is for entertainment purposes only. It is highly recommended that you speak with a tax professional or tax attorney before performing any of the strategies mentioned in this video. Thank you.
#irsaudit #artificialintelligence #audit
