Posted on 11/11/2005 5:30:33 AM PST by mr_hammer
IRS Auditing More Corporations, Wealthy
More corporations and wealthy taxpayers had their tax returns audited by IRS examiners this year, helping the agency haul in a record $47.3 billion in u! npaid taxes.
The IRS audited one in 63 wealthy individuals and families, those reporting $100,000 or more in earnings.
Overall, about one out of every 107 individuals and families faced an audit, which was more than last year when about one in 129 taxpayers were audited.
Audits of corporations and small businesses also climbed when compared with last year. About 20 percent of all corporations were audited during the fiscal year that ended on Sept. 30. The largest corporations, those with assets of $250 million or more, faced the highest audit rate at about 44 percent.
The number of small businesses that faced an audit also rose after a significant dip the year before. About one in 126 small businesses, those with assets less than $10 million, were audited this year.
A 100K a year wealthy? You must be kidding me!
Wow, 100K makes you rich? Overnight a lot of people became wealthy. Who'd have guessed?
What they need to do is audit "charitable" foundations. I'm appalled at what goes on with them.
It wont be long 'till they start using $22,000.00 + as being 'wealthy'. It's all about taxing as many people as they can and making the people think they're rich so they can increase the tax rates.
What they need to do is audit "charitable" foundations. I'm appalled at what goes on with them.
I agree, many of them are full of abuse and very liberally oriented.
GWB's "new tone in Washington." He's given the IRS big budget increases.
I wonder how much is cheating versus mistakes due to the byzantine tax code.
If you work from 18 to 65 at $22,000/year, you've made a million dollars and are therefore a member of "the rich".< /al gore logic>
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.