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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