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New IRS data shows steady rise in audits

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in Small Business Tax

The IRS audit rate continues to climb, especially for taxpayers earning more than $100,000. The agency conducted 1.21 million audits of individual returns in Fiscal 2005, up almost 12 percent from the previous year, according to the IRS 2005 Data Book. Also audited: 2.21 percent of those who filed Schedule C business returns last year, up from 1.47 percent the year before. Audits of Schedule C filers who earned above $100,000 nearly doubled, from 1.86 percent in 2004 to 3.65 percent last year.

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