Wednesday, March 29, 2006
Interesting article on Bloomberg: IRS Quickly Answers Study on Audits of Rich Americans:
In a rare disclosure, the IRS said yesterday that it had audited 11,715 — or 5.2% — of the 225,000 Americans who reported incomes of more than $1 million in 2005. The IRS released the data to counter a report by researchers at Syracuse University [blogged here] that the agency had conducted face-to-face audits of only 30 households reporting incomes of more than $1 million. The discrepancy is a result of a change in the way the IRS keeps records, officials said.