If you earn more than $100,000 or you’re a millionaire, you’re a lot more likely to be audited these days than just a few years ago, according to IRS Commissioner Mark Everson. In his statement on Fiscal Year 2006 Enforcement and Service Results, Everson said the agency made strong progress in a number of key enforcement categories, ultimately bringing in billions of dollars to the Treasury. While total individual returns audited increased by more than 6% in 2006 from 2005, audits of individuals with income of $1,000,000 and higher increased nearly 33% in the same timeframe. Audits of individuals with incomes over $100,000 showed an 18% increase from 2005. Everson also discussed stepped up business audits and IRS activities in the Exempt Organization area. Read his remarks.
Michigan Association of CPAs
Internal Revenue Service