1 In 8 Millionaires Targeted By The IRS For Tax Audits
If you earned over a million dollars last year, you were much more likely to be contacted by the IRS. An incredible one in eight people earning at least $1 million annually were audited by the Internal Revenue Service last year. In contrast, according to IRS data released and reported on in the Huffington Post, only 1 in 100 individuals earning less than $200,000 had their income tax returns examined by the IRS. The Tax Resolution Institute empathizes with wealthy taxpayers, and we understand how you suddenly feel as if you are under siege for no reason. If you need the best in effective and reliable tax resolution services, please contact us today.
The 12 percent of millionaire earners audited in 2011 was appreciably higher than the 8 percent who were audited in 2010. IRS officials said the high ratio was part of an effort to demonstrate that tax laws are applied fairly. As we all know from the State of the Union, President Barack Obama and congressional Democrats are seeking to boost taxes on the wealthy as a way to pay for jobs programs. President Obama announced an incredible tax hike against the wealthiest taxpayers of 30% of their annual income.
Between 2004 and 2009, the percentage of millionaire earners audited ranged between 5 percent and 7 percent. The auditing data is divided into only three categories of income: below $200,000, $200,000 and up, and $1 million and higher. About 1 in 25 people earning $200,000 and more was audited in 2011. With the United States economy still in crisis, the federal government clearly has decided to target the wealthy. In addition, the data shows that the IRS also audited a greater proportion of large corporations than smaller ones. Last year, only 1 percent of corporations with assets under $10 million were audited. Among corporations with assets of $250 million and up, 28 percent were audited.
The IRS Is Going After The Money Of Millionaires
The IRS said its enforcement efforts to collect all taxes owed — which include audits, court cases and other activities — netted $55 billion last year. That is nearly $3 billion less than the previous year, and the Obama White House is not happy about the fall-off. In total, the IRS audited nearly 1.6 million of the 141 million individual income tax returns that were filed. The agency collected a total of $55 billion from its enforcement efforts for the 2010 tax year. In 2011, according to the recent data, the Revenue Agents of the Internal Revenue Service garnisheed wages or seized money from bank accounts 3.7 million times, put tax liens on property 1 million times and seized 776 pieces of property.
The Tax Resolution Institute believes that all taxpayers should be treated equally without preferences or prejudices. If you are a wealthy taxpayer and you have been contacted by the IRS, do not delay in taking action. Contact us today for the best in tax resolution services.
