Friday, January 6, 2012

Taxpayers Earning $1 Million or more a year have a 1 in 8 chance of being audited by the IRS

The IRS audited one out of every 8 millionaires last year, the third year in a row the agency has ramped up its enforcement of the nation's top earners. About 12.5% of all taxpayers earnings one million dollars or more were dealt audits during fiscal 2011-- the highest enforcement rate since at least 2004, according to IRS enforcement statistics released Thursday. That's up from a rate of 8.4% in 2010 and 6.4% in 2009.

Taxpayers making more than $200,000 a year were also at a higher risk of audit last year. One in 25 of these high income earners were audited in 2011, compared to about one in 32 in 2010, according to the IRS.
But the odds of getting audited were significantly slimmer for people reporting less than $200,000 in income, with only one in 98 of these taxpayers going through the audit process last year.


Post a Comment

Twitter Delicious Facebook Digg Stumbleupon Favorites More

Powered by Blogger