Putting TRAC to Work
  News Organizations
Accounting Today
March 7, 2019

IRS keeps cutting back on audits of millionaires and big businesses
By Michael Cohn

The Internal Revenue Service is subjecting a relatively small percentage of wealthy taxpayers to tax audits, and less than half of the biggest corporations in the U.S. are now being audited, according to a new report. The report, from Syracuse University’s Transactional Records Access Records Clearinghouse, or TRAC, found that 97 out of every 100 individual taxpayers who reported over $1 million in income weren’t audited last year, based on IRS statistics. In fiscal year 2010, such audits turned up $5.1 billion in unreported taxes. Now with just half the audits, the government uncovered only $1.9 billion in unreported taxes in fiscal 2018.

Transactional Records Access Clearinghouse, Syracuse University
Copyright 2019
TRAC TRAC at Work TRAC TRAC at Work News Organizations News Organizations