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Dayton Business Journal...
IRS audits targeting millionaires
by Ginger Christ, Reporter
Friday, January 6, 2012 

The tax collector likely won’t be knocking at your door if you make less than $1 million. 

In 2011, the U.S. Internal Revenue Service audited 12.48 percent of individuals who made upwards of $1 million, according to data the agency released Thursday. 

That’s up from the 8.4 percent audited in that bracket the previous year and well above the 5.87 percent average examined from 2004 to 2009. 

The audit rate for millionaires is in stark contrast to that of individuals annually making less than $200,000. Only 1.02 percent of that income group was audited last year, relatively unchanged from the 1.04 percent examined the previous year. 

For those making more than $200,000 the odds of being audited increase slightly to 3.93 percent, up from 3.1 percent in 2010. 

The agency’s tiered auditing efforts also carry over to businesses. 

Of the corporations with assets greater than $10 million, 17.64 percent were audited in 2011, compared to 16.58 percent in 2010. 

Of the corporations with assets less than $10 million, 1.02 percent had their books examined, up from 0.94 percent in 2010. 

Read this and other articles at the Dayton Business Journal


 
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