Washington, IRS more likely to audit millionaires

Washington IRS more likely to audit millionaires

There’s at least one advantage to not being a millionaire — less chance of being audited by the Internal Revenue Service.

The tax agency said Thursday that in the 2007 budget year it audited one out of every 11 with incomes of $1 million or more. Among those with incomes of $100,000 or less, 99 out of every 100 escaped further IRS scrutiny…There were 31,382 audits of those with $1 million incomes, up 84 percent from the 17,015 audited in 2006.

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January 23, 2008 | Filed Under irs, irs tax audit