The Internal Revenue Service audited about 30 percent of the returns of those with adjusted gross income of $10 million or more in 2011, according to statistics released on Thursday. By contrast, in 2010, the agency audited about 18 percent of that group.
Somebody reportedly ask Clyde (of Bonnie and Clyde fame) why they robbed banks: “Becase that’s where the money is.” That’s also the likely reason why the IRS has increased the auditing rate of the very wealthy as well.
@ Roger: That’s the perfect comment for this post. Thanks.
Good let them spend their time and resources, auditing the wealthy. Leave me alone.
I wonder how many years it will take for that rate to reach almost 100%. No wonder the rich are leaving the country.
Exactly. Automatic audit for anyone over 1 million probably. These people tend to have good lawyers though and I wonder how many are caught. Expect more surveillance of average people to rack in the FBAR and other failure to file penalties as well! I wonder if the IRS will become the largest employer in the US in a decades’ time. Seems like it will just grow and grow and grow to become the scariest bureaucracy in the world.
People who make millions of dollars always have high priced and competent accountants. The fact that such a high percentage of them are being audited is disturbing.
Hmmm. Do you think Mitt Romney’s been audited–especially on his investments in Cayman Islands?
“Seems like it will just grow and grow and grow to become the scariest bureaucracy in the world.”
They already are
The funniest tax evader award goes to:
Paul Hogan, the famous actor from Australia who starred in Crocodile Dundee. Hogan is accused of owing over 100 million dollars in taxes! His taxes are due to the Australian IRS. His famous response? “Come and get me, you miserable bastards!”