Your risk of getting a tax audit ‘is way up’

IRA takes tougher stance on returns

Based on the amount of income that Americans fail to report every year - $345 billion, according to one government report - millions of Americans have little fear of a government audit.

But tax pros and government reports suggest the Internal Revenue Service is gradually shedding its “kinder and gentler” attitude in favor of more and stricter audits. An audit could be like a truck in your side-view mirror: closer than it appears.

In January, the IRS said audits for the fiscal year ended Sept. 30 climbed 7 percent for individuals, 14 percent for taxpayers earning more than $100,000, and 30 percent for those making $200,000 or more. Millionaires had a 1 in 11 chance of losing audit roulette. 

For complete article click link above.

February 13, 2008 | Filed Under irs tax audit, unreported income 

Comments

2 Responses to “Your risk of getting a tax audit ‘is way up’”

  1. IRS_Audit on February 27th, 2008 12:17 pm

    It’s unfortunate that the URL for this blog was missing. I’m just wondering ig the URL for the link intended was this: irs audit It’s a story carried by the Bloomberg article (carried by the Houston Chronicle).

  2. admin on February 27th, 2008 3:17 pm

    URL has been fixed.

Share your thoughts...

You must be logged in to post a comment.