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Fewer than two out of every 100 taxpayers reporting over $1 million in income were audited by the Internal Revenue Service in fiscal year 2020, according to a new report.
The report, released Thursday by Syracuse University’s Transactional Records Access Clearinghouse, found that while the ranks of millionaires have nearly doubled since fiscal year 2012, the number of millionaire returns that were audited by the IRS has fallen 72 percent, from 40,965 in fiscal year 2012 to only 11,331 in FY 2020.
The report comes at a time when the U.S. is confronting growing concerns about income inequality, especially in the midst of the financial hardship caused by the COVID-19 pandemic. During a congressional hearing Thursday on the status of this year’s tax-filing season, IRS Commissioner Chuck Rettig was asked by lawmakers on the House Ways and Means Oversight Subcommittee about IRS audit rates and whether increased enforcement could help the IRS with its perennial budget woes.
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