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Per a report from Syracuse University's Transactional Records Access Clearinghouse (TRAC), the IRS audited about 0.38% of all returns during 2022 (which was down from 0.41% in 2021). Even though the 2022 Inflation Reduction Act provided the IRS with more funding, it's taking the agency time to amp up its auditing efforts. However, despite the IRS' promise to specifically target high-income filers for audits, there was only a 1.1% chance that a millionaire would be audited by the IRS in 2022. The TRAC report instead found that low-income earners who claimed the earned income tax credit (EITC) were five and a half times more likely to be audited than every other income class.
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