Photo: Bark on Flickr
It’s the word that strikes fear into people everywhere: audit.And audits are up . . . well, at least for some prominent groups of people.
In 2011, one in eight of the country’s millionaires were audited, a rate not seen since 2004. Similarly, audits were up for those making $200,000 a year or more — one in 25 of whom were audited in 2011. According to CNN Money, it was the third year in a row the IRS increased its efforts to uncover tax fraud.
As you might guess, the chances that the IRS will audit someone making less than $200,000 is a lot lower.