Most people consider the phrase \u201cbeing audited\u201d as one of the worst in the English language. But in many cases, the fear of an audit from the Internal Revenue Service (IRS) is worse than the audit itself. Plus, the average person stands a relatively small chance of being audited. The likelihood increases when tax fraud, tax evasion, and other issues come into the picture.<\/p>\n\n\n\n
When the IRS <\/a>audits<\/a> your return, this means they verify if you have correctly reported tax information and paid the right amount of tax. In many cases, an audit can simply be correspondence between you and the IRS.<\/p>\n\n\n\n You have nothing to worry about if you reported your information correctly and you kept required tax records<\/a>. But if you find yourself in the position of being audited, it can help to understand the process and the terminology. <\/p>\n\n\n\n