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TIGTA is not the first to fault the IRS for lack of action on wealthier individuals. Data from the Syracuse University Transactional Records Access Clearing House last year indicated that IRS audits of millionaires and multibillion-dollar corporations have reached record lows. Of the 504,278 returns filed from individuals worth $1 million or more last year, 16,305 were audited, the lowest number in close to a decade. The year 2012 saw the largest number of audits of millionaires since 2010: 40,965. The report said that the IRS is likely missing out on billions of dollars worth of unpaid taxes.
Meanwhile, audit rates for the largest corporations have also dropped precipitously. Of the 633 firms with $20 billion or more in assets, 302, fewer than half, were audited. This is in stark contrast to 2010, 2011, and 2012, which saw audit rates of 96 percent, 94 percent, and 93 percent, respectively. Much as with individual audits, the report said that the IRS is likely missing billions in owed taxes.
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