Tax Audit Rates of Millionaires Nearly Double - Mar. 23, 2012
The more money you have, the more the IRS wants you.
Millionaires were nearly twice as likely to receive a tax audit last year as they were the previous year, according to data released by the IRS this week.
Overall 1.1% of taxpayers were audited last year; that’s about the same as in 2010. But for taxpayers with income between $1 million and $5 million, the number jumped to 12% — up from about 7%.
The IRS audited 21% of taxpayers with income between $5 million and $10 million, up from 12% in 2010. And 30% of the nation’s highest earners — reporting income of $10 million or more — were dealt audits. That’s up from about 18% in the previous year.