IRS Increases Audit Focus on $1 million or More Incomes
On Monday, data released by the Internal Revenue Service said that the agency carries on focusing more on high earners in the fiscal year, 2015.
The income tax files with $1 million or more earnings were audited more closely by the tax agency compared to one year earlier. Almost ten percent of the returns with income of $1 million were audited compared to 7.5percent in fiscal year 2014, which ended on September 30.
In general, the IRS audited one percent or less among the approximately 147 million individual returns for 2015. It is one of the lowest figures in ten years.
John Koskinen, the IRS Commissioner said that many among the measures of enforcement touched their decades low as a result of budget cuts through the years. He said, "Currently, we remain more than $900 million below our 2010 funding levels despite handling 10 million additional returns."
The agency's revenue collected from audits and connected enforcement efforts also dropped to $54.2 billion compared to $57 billion in 2014.
With the audit statistics other data released by the agency revealed that one year back the tax agency had almost twenty five percent lesser number of enforcement officers and agents compared to 2010.
New Zealand News
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