💨 Abstract

The IRS is regaining capacity after recent workforce reductions, which may lead to thorough tax return reviews in 2025. Experts advise taxpayers to carefully review their documents and correct discrepancies. Audit triggers include large deductions, missing income, significant charitable contributions, foreign account reporting issues, and cryptocurrency transactions. High-income taxpayers and self-employed individuals are under increased scrutiny.

Courtesy: wtop.com

Summarized by Einstein Beta 🤖