Dayton
Business Journal...
IRS
audits
targeting millionaires
by Ginger
Christ, Reporter
Friday,
January 6, 2012
The
tax
collector likely won’t be knocking at your door if you make less than
$1
million.
In
2011,
the U.S. Internal Revenue Service audited 12.48 percent of individuals
who made
upwards of $1 million, according to data the agency released Thursday.
That’s
up
from the 8.4 percent audited in that bracket the previous year and well
above
the 5.87 percent average examined from 2004 to 2009.
The
audit
rate for millionaires is in stark contrast to that of individuals
annually
making less than $200,000. Only 1.02 percent of that income group was
audited
last year, relatively unchanged from the 1.04 percent examined the
previous
year.
For
those
making more than $200,000 the odds of being audited increase slightly
to 3.93
percent, up from 3.1 percent in 2010.
The
agency’s tiered auditing efforts also carry over to businesses.
Of
the
corporations with assets greater than $10 million, 17.64 percent were
audited
in 2011, compared to 16.58 percent in 2010.
Of
the
corporations with assets less than $10 million, 1.02 percent had their
books
examined, up from 0.94 percent in 2010.
Read
this
and other articles at the Dayton Business Journal
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