Friday, May 4, 2012 at 01:56PM
Beware sharp increase in IRS audit rates Tax Lawyer Robert Wood San Francisco California from Sequence Media on Vimeo.
The IRS has released its 2011 IRS Data Book showing an unprecedented 62.8% spike in audit rates on the wealthiest taxpayers. These audits top out an all-time high of 30%. The IRS has long been criticized for putting too many resources into auditing taxpayers with comparatively simple issues and relatively few dollars at stake. High income persons not only have more dollars on the table but tend to have tougher and more nuanced tax issues. That can make audits more revenue productive.
Robert W. Wood, Wood LLP San Francisco California