IRS is auditing less number of wealthy individuals due to staff constraints after the budget was cut for the Federal tax agency. During the last three years, the chances of being audited have declined by 23 percent for an average taxpayer. The last year data marks the lowest number of taxpayers undergoing IRS audit during the last seven year years.
On an inflation-adjusted basis, IRS budget has witnessed a drop of 17 percent during the last three years. The IRS audit chances are higher for people earnings more than $200,000 per year. In case of individuals earning between $200,000 and $1 million, the changes of audit are around 2.2 percent. Fo...
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