Standard IRS Audit Statute of Limitations
The good news is that the IRS typically has a limited window of time to conduct an audit. The standard statute of limitations is three years from the due date of your tax return or the date you filed it, whichever is later. This means that if you filed your 2023 tax return on time by April 15th, 2024, the IRS generally has until April 15th, 2027, to initiate an audit.
It’s important to note that an audit isn’t always triggered by wrongdoing on your part. Factors like discrepancies between your return and information provided to the IRS (like W-2s and 1099s), unusually high deductions compared to your income level, or even random computerized selection can lead to an audit.
How Far Back Can IRS Audit You?
An IRS audit can be a stressful experience for any taxpayer. While the odds of facing an audit are relatively low, understanding how far back the IRS can investigate your tax returns is essential for financial preparedness. Knowing the standard timeframes and the exceptions to those rules can help you maintain accurate records and avoid potential surprises. In this guide, we’ll break down the IRS audit statute of limitations, when it might be extended, and how to safeguard your tax documents.
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