Did you know that IRS audit rates generally increase as incomes rise, but there are exceptions? According to the IRS, for 2015 (the most recent year for which the IRS provided data), taxpayers with positive income between $100,000 and $200,000 were audited at a rate of 0.47%, while those with incomes between $1 million and $5 million were audited at a rate of 2.39%. Taxpayers with incomes above $10 million were audited at a rate of 8.16%. An exception to audit rates increasing as income rises was taxpayers with positive income under $0. They were audited at a 4.47% rate due to high error rates on tax returns claiming the Earning Income Tax Credit. For more information: https://bit.ly/3mOA9Kc Call or visit our website for more information! www.mjscpa.com/
