Audit Alert

1 minute read

Something to ponder as you sign your tax return: audits are back with a bite. The number of individual returns audited last year was the highest since 1998. IRS “enforcement efforts” collected a record $47.3 billion in additional payments. Consolation: 1 in 16 millionaires faced audits.

Who gets audited?

1% of all taxpayers

0.8% of companies worth under $10 million

19% of companies worth over $10 million

6.3% of millionaires

YOU’VE GOT CASH Last year Uncle Sam paid out $230 billion in tax refunds to individuals. This year the average refund is up 3%, to $2,771. Call it the April dilemma. Do you spend, save or invest it? 74% of taxpayers get refunds

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