Sunday, 13 April 2014

A look at chances of getting audited by IRS


The Internal Revenue Service audited less than 1 percent of the income tax returns filed last year. But your odds of getting audited vary greatly, depending on income.


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Individuals


146 million returns.


Audited: 1.4 million.


Audit rate: 0.96 percent.


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Income under $200,000


141 million returns.


Audited: 1.2 million.


Audit rate: 0.88 percent.


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Income $200,000 and above


5.3 million returns.


Audited: 172,000.


Audit rate: 3.3 percent.


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Income $1 million and above


363,000 returns.


Audited: 39,000.


Audit rate: 11 percent.


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Business returns


10 million returns.


Audited: 61,000


Audit rate: 0.61 percent.


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Small corporations (assets under $10 million)


1.8 million returns


Audited: 17,600.


Audit rate: 0.95 percent.


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Large corporations (assets over $10 million)


62,300 returns.


Audited: 9,900.


Audit rate: 16 percent.



Source: Internal Revenue Service.


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