Think like an IRS agent – Beware of 9 red flags that invite an audit

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Abstract: With the IRS auditing about 1.3 million returns each year, dealers must stay on their toes. Obviously, the agency can’t audit every return, so it relies on key indicators — red flags — to narrow the scope. The best way to avoid trouble is to think like an IRS agent while examining your business and tax-filing practices. This article includes nine red flags that invite an IRS audit.