IRS Increasing Audit Rates On The Wealthy

After coming under sharp criticism from Congress about its lagging audit numbers, the Internal Revenue Service is taking steps to address the problem. Last week the Service released a statement that provided an update on its audit numbers.

This comes after a recent report from the Treasury Inspector General for Tax Administration (TIGTA) showing that audits on these taxpayers had plummeted. The new statement from the IRS can be found at the following web address.

It shows the following.

1 – Audit rates for every category of taxpayer above $100K have at least doubled.
2 – Taxpayers earning $500K to $1M have more than doubled.
3 – Audits on taxpayers in the $1M – $5M category have quadrupled.

The easiest way to not get audited is to follow the IRS Code and have a competent tax professional prepare your returns. I haven’t had any of my returns audited at the federal level in the past twelve years.

It looks like the IRS is finally getting its act together. If your returns aren’t being prepared at the highest possible level, please give me a call.

Let me leave you with this.

Yesterday was my birthday. I celebrated being 28 again for the 28th time.

Entrepreneuring is a hard and difficult way of life. Upon completing yet another trip around the sun, it’s important for all of us to take the time to enjoy the fruits of our labor.

Take your significant other to a local restaurant. Go on that dream vacation while you’re still able. Set aside time each and every week, just for you.

Live your life. Enjoy your family. Don’t tell people about your dreams.

Show them.

Go home to the Father as the hero you are. Don’t be one of those people who says things like, “If I’d had more time, I would have done this or that.”

Shut up and go do it already.

If my Mother’s passing has taught me anything, it’s the fact that life is short. Life is to be lived, not imagined.

We’re all going to get through this. Let’s get through it together.

Accounting Solutions Ltd. stands ready to complete our mission and purpose of protecting you, your family, and your business. Whether you need Employee Retention Credits, M&A Due Diligence, Payroll Services, or Accounting and Tax Work, you have but to ask. I’m here and I remain,

Sincerely yours,

Chris Amundson
Accounting Solutions Ltd.

Note that the only professional services provided by Accounting Solutions Ltd. are those specified in a written communication from our office detailing the scope of services to be rendered and the terms and conditions applicable to the engagement.