The IRS reports that its enforcement budget has been cut by $254 million, a 5% reduction from the previous year. As a result, the Agency expects to cut the number of individual and business audits it conducts. In 2014 the IRS audited 0.86% of individual taxpayers and 26% of large corporations. Though audit statistics show a decline in examinations, the IRS contacts many more taxpayers with questions about their returns. Once statistics include these taxpayer contacts, the 2014 return examination rate is closer to 4% or one in every 25 returns filed.
Stay up-to-date with the latest in tax and accounting news by signing up for our monthly e-newsletter.
RLH CPAs & Business Advisors, LLC
All Rights Reserved
© Copyright 2019 | Maryland Permit 801
SIGN UP TO RECEIVE OUR MONTHLY NEWSLETTER.
Receive Tax Tips and Latest News Directly In Your Inbox!
Website Design by
Crawford Designs, LLC