Tax Audit

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To make sure people are honest about paying the correct amount of tax when they file their taxes, the IRS will select maybe 5 percent of all taxpayers each year and conduct an examination of their tax returns to make sure these people paid as much tax as they are supposed to. If you are chosen to be audited, the IRS may come to visit you and review all your financial documents to see if there has been any cheating, or tax evasion. If the IRS believes you have committed fraud, you could be in trouble; the more money you are found to have cheated on, the more severe may be the punishment.