Within the Helpful Tools feature of the program is the Audit Risk Meter. The Audit Risk Meter is not intended to imply whether you will be audited by the IRS, but rather, is used to measure certain risk factors within your return that may cause a red flag to be raised, and cause greater scrutiny of what is entered.
For example, the IRS is aware that there is a higher chance of fraudulent reporting of expenses when filing a Schedule C due to the fact that the business owner's claims are based on his/her personal record keeping. If your return includes a Schedule C, the Audit Risk Meter will outline what scrutiny you may incur and provides tips to assure your return is in order.
Where can I find the Audit Risk Meter?
To access the Audit Risk Meter:
- Log in to your account
- Access the return for which tax year you are referencing
- Press Federal on the menu tab
- Locate and click "Toolbox" within the menu
- Click "Audit Risk Meter" on the "Helpful Tools" menu