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EMILY LITELLA: ONLY 30 MILLIONAIRES GOT AUDITED!
March 29, 2006
A classic never mind moment in the tax world yesterday:
Only 30 out of nearly 200,000 taxpayers who reported income of at least $1 million in 2005 faced an in-person audit, according to a prominent watchdog group’s analysis of IRS data.
That would make my clients seem incredibly unlucky; at that rate, I should have a client audited roughly once every 70 years. Oh, never mind:
IRS spokesman Bruce Friedland told Tax Analysts that the IRS had actually performed nearly 12,000 total audits during that period of taxpayers claiming at least $1 million, including more than 7,000 field audits and roughly 4,500 correspondence audits, which are done through the mail.
The IRS spokesman attributed the misreading to a change in the way the IRS presented their statistics this year.
UPDATE: The TaxProf has more.
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