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Monday, March 26, 2012

Significant Increase in IRS Audits of Wealthy

WASHINGTON, D.C. (MARCH 23, 2012)

BY MICHAEL COHN, ACCOUNTING TODAY
 

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Last year, the IRS examined 29.93 percent of individual income tax returns, compared to about 18 percent the previous year, according to CNN Money. Taxpayers with incomes between $5 million and $10 million were examined at a rate of 20.75 percent, compared to about 12 percent in fiscal year 2010. Those with incomes between $1 million and $5 million were audited at a rate of 11.8 percent, compared to about 7 percent a year earlier. Overall, about 1.1 percent of taxpayers were audited in FY 2011, about the same rate as in FY 2010.

http://www.accountingtoday.com/news/IRS-Increases-Audits-Wealthy-62101-1.html?ET=webcpa:e2337:85046a:&st=email&utm_source=editorial&utm_medium=email&utm_campaign=WebCPA_Daily_032612

1 comment:

GeneP said...

Study challenges effectiveness:


http://www.accountingtoday.com/news/Study-Casts-Doubt-IRS-Audits-Millionaires-62317-1.html?ET=webcpa:e2383:70848a:&st=email