What Are the Odds the IRS Will Audit Your Tax Return?
The good news: If you’re worried that the tax return you just sent to the IRS will be audited, breathe easy. Koskinen is telling anyone who will listen that budget cuts have severely limited the agency’s ability to review returns for accuracy. Audit rates for individual tax returns fell last year to the lowest level in a decade … and will fall even more this year.
The bad news: If you’re an honest taxpayer, you’ll be disappointed to learn that the IRS says that every $1 it spends on audits and other “enforcement” activities brings in $4 to the U.S. Treasury. Falling audit rates mean dishonest taxpayers will be allowed to keep billions of dollars they ought to be paying in taxes.
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