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Friday, January 18, 2008

Tax audits on increase

As per the WebCPA article, the Internal Revenue Service increased its enforcement efforts in 2007. The IRS audited 84 percent more returns in fiscal year 2007 of individuals with incomes of $1 million or more compared compared to the previous year.

The audit increase, however, is not just confined to individuals with higher income. The IRS also increased audit of individuals with incomes over $200,000; their audit rate increased to 29.2 percent, while those with incomes of $100,000 or less, also experienced an audit increase of about 14%. Similarly, increased audits were experienced by businesses also.

The increased audits helped IRS reach enforcement revenue of $59.2 billion, compared to $48.7 billion in 2006.

For complete article, see:

WebCPA: Tax Season Essentials: IRS Boosts Tax Audits

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posted by Ruby @ 8:16 AM

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