By John Meara
The Wall Street Journal article “Ticket to a Tax Audit: $1 Million,” (February 22, 2016) discusses how while the IRS has less money to conduct audits, in the last decade it has nearly doubled the audit rate for high-income taxpayers. The article points out that in 2006, 5.3% of taxpayers with at least $1 million of income were audited while for the most recent government’s fiscal year that ended September 30, that audit rate was nearly 10% for those taxpayers. Overall, the percent of individuals who got audited last year was less than 1%, the lowest rate in a decade. The article includes graphs showing the total number of returns audited and the percentage of returns audited by income group.