Tags: IRS | audit

IRS Drastically Hikes Audits on America's Richest

Monday, 28 Mar 2011 09:24 AM

The Internal Revenue Service (IRS) is auditing America's wealthiest big time.

The government hiked audits on those with incomes above $10 million by 75 percent last year, the Huffington Post reports.

One in five of those within that category have dealt with a recent IRS audit.

"Complex tax evasion has become an increasing problem in recent years, with popular strategies including conversion of income into capital gains and stashing cash in Swiss banks," The Huffington Post reports.

Audits also increased in 2010 among less wealthier taxpayers although not as much.

"Overall, the IRS increased the percentage of audits by about 11 percent from the year prior," the news service says.

An independent study,  meanwhile, shows that young, single men are most likely to cheat on their taxes.

A poll conducted by DDB Worldwide Communications Group found that 15 percent of Americans surveyed admitted to fudging their tax returns, but 64 percent of those people were men, CNNMoney reports.

 Thirty-five percent of those were single, and 55 percent were under the age of 45.

The IRS is not the only one getting cheated by this group.

They're more likely to keep the wrong change given to them by a cashier, ask friends to pose as former bosses when it comes for reference checks and even just lie about income when it comes to qualifying for government aid.

"Their willingness to cheat is not limited to their taxes but spans a wide range of situations and behavior where they are looking to get away with something," says James Lou, U.S. chief strategist at DDB, according to CNNMoney.

 

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The Internal Revenue Service (IRS) is auditing America's wealthiest big time.The government hiked audits on those with incomes above $10 million by 75 percent last year, the Huffington Post reports.One in five of those within that category have dealt with a recent IRS...
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2011-24-28
 

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