Transactional Records Access Clearinghouse at Syracuse University, IRS Audit Rate for Millionaires Plummets:
The IRS's audit rate for wealthy Americans sharply declined in the just-ended fiscal year ….
The IRS data clearly show that the audit rate on the 300,000-plus returns reporting incomes of more than $1 million was substantially down last year — dropping at least 19%….
IRS figures released to TRAC indicate that agency audits of taxpayers reporting a total positive income of one million dollars or more — involving both face-to-face audits and agency correspondence contacts — fell to only 5.6 per 100 returns filed in FY 2008. This rate would represent a 19% drop from the previous year. The full extent of the decline was formally confirmed this past Friday by IRS spokesman Frank Keith.
On that very day, however, the IRS published on its web site a second set of figures suggesting that the millionaire audit rates last year may have plummeted even more than the spokesman had just asserted. These new figures reported that only 4.4 (not 5.6) out of every 100 returns with a million or more in adjusted gross income had been audited last year. This figure would indicate that in the last year the millionaire audit rate actually had declined by at least a 36% (see Table 1).
4 responses to “IRS Audit Rate for Millionaires Plummets”
“IRS Audit Rate for Millionaires Plummets… back to where it used to be.” If you take a rolling average, it looks like last year’s jump was more significant than this year’s decline.
Is IRS going easy on the rich?
Maybe. The Transactional Records Access Clearinghouse at Syracuse University says that the audit rate for returns showing over $1 million…
Is IRS going easy on the rich?
Maybe. The Transactional Records Access Clearinghouse at Syracuse University says that the audit rate for returns showing over $1 million…
Is IRS going easy on the rich?
Maybe. The Transactional Records Access Clearinghouse at Syracuse University says that the audit rate for returns showing over $1 million…
Is IRS going easy on the rich?
Maybe. The Transactional Records Access Clearinghouse at Syracuse University says that the audit rate for returns showing over $1 million…
Is IRS going easy on the rich?
Maybe. The Transactional Records Access Clearinghouse at Syracuse University says that the audit rate for returns showing over $1 million…
Is IRS going easy on the rich?
Maybe. The Transactional Records Access Clearinghouse at Syracuse University says that the audit rate for returns showing over $1 million…
Is IRS going easy on the rich?
Maybe. The Transactional Records Access Clearinghouse at Syracuse University says that the audit rate for returns showing over $1 million…
Is IRS going easy on the rich?
Maybe. The Transactional Records Access Clearinghouse at Syracuse University says that the audit rate for returns showing over $1 million…
Is IRS going easy on the rich?
Maybe. The Transactional Records Access Clearinghouse at Syracuse University says that the audit rate for returns showing over $1 million…