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RS: Your Chances Of Getting Audited Lowest In A Decade
WASHINGTON -- Budget cuts forced the IRS to reduce the number of tax audits last year to the lowest level in a decade, IRS Commissioner John Koskinen said Tuesday. And the number of audits could be even lower this year.
"The math is pretty simple," Koskinen said in a speech to the New York State Bar Association. "There are fewer audits because we have fewer auditors."
"Audits fell in virtually every individual category and across income levels," Koskinen said. "This continues a long-term trend that carries serious implications for our tax system and the nation."
Koskinen's speech comes in the middle of tax season, just as millions of Americans are filing their annual returns.
Last year, the IRS audited 1.2 million individual tax returns. That's less than 1 percent of the returns that were filed, the lowest rate since 2004.
Read the full story: www.dailyfinance.com
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