Millionaires get audited less. How 'bout you?
Mar 23, 2009 12:26 PM
Word that people earning $1 million or more were audited by the IRS nearly 20 percent less in fiscal year 2008 than the year before might suggest that the IRS is focusing less on all of us.
No so. According to IRS statistics (see page 3 from the IRS Fiscal Year 2008 Enforcement Results), the agency's focus on folks making less than $200,000 didn't change much from the prior year. Households earning from $200,000 to $1 million were audited about 2 percent more. The Transactional Record Access Clearinghouse at Syracuse University produced the analysis, and as well as a lengthy criticism of the IRS's seemingly unfair approach.
Until the IRS changes its focus--fair or unfair as it may be--regular taxpayers still need to ensure they don't become audit targets. Click here for help on getting the best tax advice for your money. And if you get a letter from the IRS, here's how to respond.
--Tobie Stanger
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