IRS Goes Banoodles on High Net Worth Taxpayers

Worth noting is the tremendous rise in audits on those earning between 5 and 10 million a year and the even greater jump in audits for those earning over $10 million…

From Bloomberg News via Investment News:

The Internal Revenue Service in 2011 audited 29.93 percent of taxpayers who reported more than $10 million of income, according to statistics released today.

That’s up from an audit rate of 18.38 percent in 2010 and 10.60 in 2009. Overall, the agency’s rate of audits for individual taxpayers stayed constant at 1.11 percent.

The statistics cover audits conducted in fiscal year 2011, which generally corresponds to tax returns filed during 2010.

For U.S. taxpayers with adjusted gross incomes between $5 million and $10 million, the audit rate rose to 20.75 percent from 11.55 percent. People making between $200,000 and $500,000 were audited at a 2.66 percent rate.

Anecdotally I’ve been hearing about a lot more audits from HNW people I speak with and do business with as well.  Nice to have some numbers to put with the stories.

Source:

IRS on a rampage as nearly one in three HNW individuals audited (Investment News)

 

 

What's been said:

Discussions found on the web
  1. What is the Bitcoin loophole? commented on Sep 25

    … [Trackback]

    […] Find More Information here on that Topic: thereformedbroker.com/2012/03/23/irs-goes-banoodles-on-high-net-worth-taxpayers/ […]

  2. bitcoin revolution fake or not commented on Sep 29

    … [Trackback]

    […] Read More on that Topic: thereformedbroker.com/2012/03/23/irs-goes-banoodles-on-high-net-worth-taxpayers/ […]

  3. bancos fiables para depositos commented on Sep 30

    … [Trackback]

    […] There you will find 20960 additional Info on that Topic: thereformedbroker.com/2012/03/23/irs-goes-banoodles-on-high-net-worth-taxpayers/ […]

  4. Smith and Wesson commented on Oct 14

    … [Trackback]

    […] Find More on that Topic: thereformedbroker.com/2012/03/23/irs-goes-banoodles-on-high-net-worth-taxpayers/ […]

  5. rbc royal bank commented on Nov 14

    … [Trackback]

    […] There you can find 36149 more Info on that Topic: thereformedbroker.com/2012/03/23/irs-goes-banoodles-on-high-net-worth-taxpayers/ […]

  6. Subutex 8mg for sale commented on Dec 10

    … [Trackback]

    […] Information on that Topic: thereformedbroker.com/2012/03/23/irs-goes-banoodles-on-high-net-worth-taxpayers/ […]

  7. 토토사이트 commented on Dec 24

    … [Trackback]

    […] Here you can find 62246 additional Information on that Topic: thereformedbroker.com/2012/03/23/irs-goes-banoodles-on-high-net-worth-taxpayers/ […]

  8. diamond paintings commented on Dec 30

    … [Trackback]

    […] Find More here to that Topic: thereformedbroker.com/2012/03/23/irs-goes-banoodles-on-high-net-worth-taxpayers/ […]

  9. rolex swiss replica watches commented on Jan 07

    … [Trackback]

    […] Read More Info here on that Topic: thereformedbroker.com/2012/03/23/irs-goes-banoodles-on-high-net-worth-taxpayers/ […]

  10. Digital Transformation Solutions commented on Feb 03

    … [Trackback]

    […] Read More on that Topic: thereformedbroker.com/2012/03/23/irs-goes-banoodles-on-high-net-worth-taxpayers/ […]