Accounting News

Wednesday, March 25, 2009
IRS Audits Nosedive

According to IRS data obtained by Syracuse University, there was a sharp decline in IRS audits from fiscal year 2007 to fiscal year 2008. The biggest drop was in individuals with incomes exceeding $1 million. The audit rate for this group is now 6.5 per 100 returns or a 19% drop from the previous year.

This finding contradicts the IRS claim that they were increasing enforcement. Insert your own Obama Cabinet joke here.