How Great Are Your Chances of An IRS Audit?
Read Time:1 Minute, 20 Second
According to the Associated Press various budget cuts and assorted duties and responsibilities are hitting the Internal Revenue Service hard. There are fewer agents auditing returns than at any time since the 1980s. So if that’s really the case, what are your chances of getting audited?
From The Week
According to the Washington Post, pretty slim. Christopher Ingraham dug through annual IRS reports, and found that last year was the first time audit rates fell below one percent since 2006. Rates were at their highest in the 1980s, when more than two percent of taxpayers were audited.
Ingraham went on to explain that audit rates differ by income, and while the IRS does not provide consistent income breakdowns of the data over time, the likelihood of being audited in 2013 was 0.88 percent if your income was less than $200,000, 3.26 percent for incomes above $200,000, and 10.85 percent for people earning more than $1 million per year.
The final result is that you’re roughly half as likely to get audited in 2014 as you were in 1980, but twice as likely as you were in 2000. As long as you at least appear to be on the up and up, chances are you’ll escape a dreaded audit.
“We keep going after the people who look like the worst of the bad guys,” IRS Commissioner John Koskinen told the AP. “But there are going to be some people that we could catch, either in terms of collecting the revenue from them or prosecuting them, that we’re not going to catch.”
– – Catherine Garcia
Happy
0 %
Sad
0 %
Excited
0 %
Sleepy
0 %
Angry
0 %
Surprise
0 %
0
0
Our IRS – Her Majesty’s Customs and Excise (HMRC) can audit me if they like. They’ll all be on valium by the end of it.
I’m curious. Where does America’s taxation originate? Britain’s was introduced to help the war effort. Not the 2nd I don’t think. Possibly the 1st or even an earlier one. I must Google it. In the event, after whichever war, the government thought “HEY! What a great way to make money! Take everyone elses!” – and the British taxation system was born.
Actually I think I’ll submit some’at about this.