“The Internal Revenue Service audited just 0.59% of individual tax returns last year, marking the seventh consecutive annual decline as the tax agency copes with smaller budgets and fewer workers,” the Wall Street Journal reports. “Audits of the highest-income households dropped sharply, to their lowest levels since the IRS began reporting that data in 2008.
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After Congress approved billions of extra funding for tax compliance, the Internal Revenue Service pledged it would get tougher on rich taxpayers
04/22/2024 - 10:56 pm | View Link - Hooray, tax season is over. Did you avoid these red flags for the IRS? | Retire on Track
Tax season is over, and we couldn’t be happier. For all the ways the IRS has attempted to make computing and paying taxes more convenient in recent years, our tax code remains vexing. And I haven’t noticed any lack of frustration about filing taxes.
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- U.S. Department of the Treasury, IRS Release New Analysis Showing the ...
Driven by these funding cuts, the audit rate on millionaires fell by more than 70% from 2010 to 2019, and the audit rate on large corporations fell by more than 50% over the same period. The tax gap—the difference between taxes owed and taxes paid—has grown to more than $600 billion annually.
04/24/2024 - 10:59 am | View Website - IRS announces sweeping effort to restore fairness to tax system with ...
As part of the effort, the IRS will also ensure audit rates do not increase for those earning less than $400,000 a year as well as adding new fairness safeguards for those claiming the Earned Income Tax Credit. The EITC was designed to help workers with modest incomes.
04/24/2024 - 5:01 am | View Website - IRS Statement — Updated IRS audit numbers
For example, based on ongoing examination activity, audit rates for income categories between $500,000 and $1 million doubled to 0.6%. Audit rates for the $1 million to $5 million category more than doubled to 1.3% and taxpayers earning more than $10 million jumped four times – reaching 8%. Table 1: Tax Year 2019 Audit Rates Over Time
04/23/2024 - 8:04 pm | View Website - Tax Compliance: Trends of IRS Audit Rates and Results for Individual ...
Audit trends vary by taxpayer income. In recent years, IRS audited taxpayers with incomes below $25,000 and those with incomes of $500,000 or more at higher-than-average rates. But, audit rates have dropped for all income levels—with audit rates decreasing the most for taxpayers with incomes of $200,000 or more.
04/23/2024 - 4:15 pm | View Website - May 2022 TAX COMPLIANCE
On average, the audit rate for these returns decreased from 0.9 percent to 0.25 percent. Internal Revenue Service (IRS) officials attributed this trend primarily to reduced staffing as a result of decreased funding. Audit rates decreased the most for taxpayers with incomes of $200,000 and above.
04/23/2024 - 2:35 pm | View Website - More
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