Most of us are in the middle of tax-filing season, but there might be a little less pressure on taxpayers this year. The chances of an audit are declining quickly: The IRS said last week that it audited 0.86 percent of individual taxpayers in fiscal year 2014, the lowest rate since 2004.
It's even better if you're a small business owner. The IRS audited 0.57 percent of businesses in 2014, their lowest rate of business audits since 2005. The agency conducted 57,211 business audits in the fiscal year that ended September 30, down from 61,020 a year earlier.
The IRS focuses most of its firepower on bigger companies, but even in that area, the audits are being reeled back. In 2014, the IRS audited 26 percent of corporations with assets exceeding $250 million, down from 34 percent a year earlier.
No comments:
Post a Comment