Thursday, December 16, 2010

IRS Audits Jump by 11 Percent; Wealthiest Targeted

The IRS increased the number of tax returns examinations by around 11% this past year. The agency released statistics yesterday showing that wealthy taxpayers are among those most likely to be targeted for an audit.

According to the Associated Press, the IRS examined more than 1.58 million individual returns in the budget year that ended in September, up from 1.43 million the year before. Of course, for most people the odds of being audited are still hovering around 1 percent.

    The IRS collected $57.6 billion through enforcement actions, an 18 percent increase from the previous year.

    Overall, a little more than 1 percent of returns were audited, either by mail or in person. More than 8 percent of the returns with incomes above $1 million were audited.

Read more at Google News

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