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Audit rates sink

by on
in Small Business Tax

The chances of  being audited keep going down. Accord­­ing to a statement from IRS Com­­mis­­sioner John Koskinen to the Asso­­ci­­ated Press, the IRS audited less than 1% of individual tax returns in 2013, the lowest overall rate since 2005.

Expect the downward trend to continue due to budget cuts. Note: Last year, the IRS still audited 10.9% of individuals earning $1 million or more.

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