The Internal Revenue Service (IRS) is auditing the lowest number of Americans since 2002, according to data obtained by The Wall Street Journal.

The data showed that the number of individuals receiving tax audits had declined for the sixth year in a row to the agency auditing just 0.62 percent of individual returns in the 2017 fiscal year, according to The Journal.

The publication reports that the record low of about 1 in 160 individual returns in 2017 is a sharp declined from the 1 in 90 who were audited in 2010, which was considered a peak year.

The audit rate also went down for the majority of high-income households, with the IRS auditing 4.37 percent of returns for those with an income of $1 million or more. That’s the lowest rate for that group since 2004, when data was first released.

Read more

About RR Tribune

No Comments

Be the first to start a conversation

Leave a Reply

  • (will not be published)