Tuesday, March 24, 2009

TRAC Finds That IRS Audit Rate for Millionaires Plummets

The Transactional Records Access Clearinghouse (TRAC) at Syracuse University reports the following.

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 percent drop from the previous year. The full extent of the decline was formally confirmed this past Friday by IRS spokesman Frank Keith.

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