Uploaded June 2024 | Updated September 2026, 1 week ago
The IRS is set to increase audit rates with the new funding. While current audit rates are below 1%, the IRS plans to focus on high-income earners, those making over $400,000, according to their new strategic plan. However, there’s reason to believe that audits may not be limited to the wealthy, especially with the IRS hiring 87,000 new employees.
In this video, I'm going to break down what this means for you, regardless of your income level. We’ll discuss why the IRS may audit you, common triggers, and how to stay prepared.
☕ Buy Me a Coffee: Help support the channel!
buymeacoffee.com/NoelLorenzana
Hi, I'm Noel Lorenzana, a Registered CPA based in Illinois. I created this channel to help everyday people better understand money, protect their wealth, and prepare for whatever comes next through thoughtful discussions about gold and silver, wealth management, and tax strategy.
On, this channel, I simplify taxes for your business and offer tax tips for you! Let me know if there is anything you would like me to discuss. Feel free to connect with me on Social Media.
★CONNECT WITH ME ON SOCIAL MEDIA ★
Website: noellorenzanacpa.com
Facebook: web.facebook.com/noelblorenzana
LinkedIn: linkedin.com/in/noellorenzanacpa
🎥 RECOMMENDED VIDEOS 🎥
youtu.be/nBDCqPuW2mc
youtu.be/Odjwxwz9Ba8
youtu.be/QC2XWhulY24
Thanks for watching my video on, Your Chances of an IRS Audit Just Went Up
Disclaimer: The information presented in this video is for informational and educational purposes only and should not be considered accounting, tax, legal, financial, or investment advice. Watching this video does not create a client relationship. While I strive for accuracy, I cannot guarantee that all information is complete, current, or applicable to your specific situation. Always consult with a qualified professional before making financial, tax, or investment decisions.
Affiliate Disclosure: Some links in the description may be affiliate links, which means I may earn a commission if you purchase through them at no additional cost to you. I only recommend products and services that I have personally researched, use, or believe provide genuine value to my audience.
⏱️VIDEO CHAPTERS⏱️
00:00 - Introduction: IRS and Their New Strategic Plan
01:30 - IRS Audit Rates Chart For Different Income Ranges
03:51 - What Triggers An IRS Audit?
04:04 - Reasons Why The IRS Might Audit You.
04:08 - Number one. Large Deductions.
05:46 - Conclusion: Your Chances of an IRS Audit Just Went Up
Replay Video Link: youtu.be/Zv2lNoYA3ys
#irsaudit #irs #irsupdate
The IRS is set to increase audit rates with the new funding. While current audit rates are below 1%, the IRS plans to focus on high-income earners, those making over $400,000, according to their new strategic plan. However, there’s reason to believe that audits may not be limited to the wealthy, especially with the IRS hiring 87,000 new employees.
In this video, I'm going to break down what this means for you, regardless of your income level. We’ll discuss why the IRS may audit you, common triggers, and how to stay prepared.
☕ Buy Me a Coffee: Help support the channel!
buymeacoffee.com/NoelLorenzana
Hi, I'm Noel Lorenzana, a Registered CPA based in Illinois. I created this channel to help everyday people better understand money, protect their wealth, and prepare for whatever comes next through thoughtful discussions about gold and silver, wealth management, and tax strategy.
On, this channel, I simplify taxes for your business and offer tax tips for you! Let me know if there is anything you would like me to discuss. Feel free to connect with me on Social Media.
★CONNECT WITH ME ON SOCIAL MEDIA ★
Website: noellorenzanacpa.com
Facebook: web.facebook.com/noelblorenzana
LinkedIn: linkedin.com/in/noellorenzanacpa
🎥 RECOMMENDED VIDEOS 🎥
youtu.be/nBDCqPuW2mc
youtu.be/Odjwxwz9Ba8
youtu.be/QC2XWhulY24
Thanks for watching my video on, Your Chances of an IRS Audit Just Went Up
Disclaimer: The information presented in this video is for informational and educational purposes only and should not be considered accounting, tax, legal, financial, or investment advice. Watching this video does not create a client relationship. While I strive for accuracy, I cannot guarantee that all information is complete, current, or applicable to your specific situation. Always consult with a qualified professional before making financial, tax, or investment decisions.
Affiliate Disclosure: Some links in the description may be affiliate links, which means I may earn a commission if you purchase through them at no additional cost to you. I only recommend products and services that I have personally researched, use, or believe provide genuine value to my audience.
⏱️VIDEO CHAPTERS⏱️
00:00 - Introduction: IRS and Their New Strategic Plan
01:30 - IRS Audit Rates Chart For Different Income Ranges
03:51 - What Triggers An IRS Audit?
04:04 - Reasons Why The IRS Might Audit You.
04:08 - Number one. Large Deductions.
05:46 - Conclusion: Your Chances of an IRS Audit Just Went Up
Replay Video Link: youtu.be/Zv2lNoYA3ys
#irsaudit #irs #irsupdate
