What Are Your Audit Odds?

Do you wonder what your odds are of being selected for an IRS audit? Statistics just released for tax returns filed in 2011 and audited in 2012 show a 1% audit rate for individual tax returns. About 3.6% of business returns with income under $200,000 were audited; returns with income over $200,000 were audited at a 3.4% rate. Large corporations had a 17.8% audit rate, while small corporations had a 1.1% rate.