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Phoenix AZ CPA
602-943-4494
602-943-4494
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Tax Tips are not a substitute for legal, accounting, tax, investment or other professional advice. Always consult with your trusted accounting advisor before acting upon any Tax Tip.
Tax Tips are not a substitute for legal, accounting, tax, investment or other professional advice. Always consult with your trusted accounting advisor before acting upon any Tax Tip.
Audit Info in New Data Book
The new IRS Data Book for the government's 2008 fiscal year includes lots of tax return information. For instance, the Data Book shows that almost 1.4 million individual tax returns were audited out of 137.8 million returns filed in 2007, for an audit rate of 1.0%. While 22.3% of the audits were conducted by IRS personnel, 77.7% of the audits were correspondence audits.
The audit rate for individuals whose returns showed a total positive income (TPI) between $200,000 and $1 million rose to 2.6%.
One surprise: The audit rate in fiscal year 2008 for those with a TPI above $1 million declined from 9.3% to 5.6%. The IRS attributed this, in part, to activities related to sending out economic stimulus checks.
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TAX ADVICE DISCLAIMER: In accordance with IRS Circular 230, any tax advice included in this communication, including attachments, is not intended or written to be used, and cannot be used by you or any other person or entity, for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code or applicable state or local tax law provisions, nor may any such advice be used to promote, market or recommend to another party any transaction or matter addressed within this communication. If you would like such advice, please contact us.