 |
Ticket to a Tax Audit: $1 Million IRS auditors increasingly focus on those making more than $1 million, 2015 data show
Source:
wsj.com
- Feb 26, 2016
The sum of $1 million doesn’t go as far as it used to. But increasingly, it is enough to get you special attention from Uncle Sam.
The Internal Revenue Service continued to ramp up its focus on high earners in fiscal 2015, according to data released by the agency Monday.
The IRS audited nearly 10% of returns with income of more than $1 million, compared with 7.5% the year before, in the fiscal year ended Sept. 30. Overall, the agency audited less than 1% of nearly 147 million individual returns in 2015, the lowest rate in a decade.
The agency collected $54.2 billion in revenue from audits and related enforcement efforts for the year, down from about $57 billion the year before.
TO READ ENTIRE ARTICLE, CLICK ON SOURCE LINK ABOVE
Category: IRS
|
