Rich Escape Audits After IRS Budget Cuts

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taxes

Last year, the IRS audited the smallest percentage of high-income households since 2009. Only 7.5 percent of families with an income of more than $1 million were audited by the IRS. The federal tax agency also audited its lowest percentage of individual returns since 2004: Only 0.86 percent were audited, compared to 0.96 percent the previous year.

Analysts say the decrease is result of the agency’s reduced budget, which was cut by about 3 percent for the fiscal year ended Sept. 30.┬áRead more at Bloomberg.

{Andy Heller-Matzav.com Newscenter}

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