With the internet now part of our everyday life, as many as 43 percent of Americans are going online to find tax preparation services. Many of these websites are helpful, but errors in software can result in missed deductions or, worse case scenario, an audit. Errors in tax preparation software are now part of the yearly tax season headlines
When the IRS decides to give your tax filings a deeper look, they will send a letter indicating you have been selected for audited on either your personal or business tax returns. They will also request information that could span a couple of years. Good thing you held onto copies of your returns for 7 years.