What are the odds of being audited?

The odds of any one person being audited are very slim. A new research report recently was published that stated that individuals and small corporations only have a one per cent chance of being audited. Large corporations, on the other hand, have a 15.8% chance of being audited. In fact, individual taxpayer audits have actually decreased in the past few years while corporate tax audits have increased. One interesting fact is that individuals who earn more than $10 million per year are 3,900% more likely to be audited than individuals who earn between $25,000 and $100,000. Therefore, the average person should not stay awake at night worrying about being audited.