IRS Audits On Millionaires Down

IRS income tax audit

As the news is saturated with greedy people who will go to no end to achieve their fortune, average taxpayers have had enough.

The Internal Revenue Service has reported that they have reduced income tax return audits on millionaires. The IRS claims to increasing their crack down on wealthy tax cheats, but an IRS watchdog group sees things differently.

The IRS does agree there was a “slight” decline in audits of millionaires but states a valid reason for the drop. Last year the agency says it was absorbed with focusing on sending out economic stimulus checks to taxpayers.

The numbers do speak for themselves. People with incomes of $1 million and higher had only a 5.6 percent chance of getting audited by the IRS in fiscal year 2008, which ended last September. According to IRS figures, this rate was down from 6.8 percent experienced the previous year.

The number of millionaires actually audited declined from 23,200 to 21,874. The number of millionaires who filed income tax returns increased from 339,138 to 392,776.

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