CBS Local — There’s good news for Americans you hate filing their taxes each year; the chances you’ll be audited have fallen to the lowest level in 15 years.

According to data obtained by The Wall Street Journal, audits have fallen for the sixth straight year with only 0.62 percent of taxpayers being examined by the IRS in 2017. The numbers have dropped dramatically since 2010, where audits reached a high of one for every 90 filers that year.

Audits for Americans making over $1 million a year have also dropping off this decade. Just over four percent of millionaires had their filings audited in 2017. Just under 10 percent of the country’s millionaires were audited two years earlier and over 12 percent faced an audit in 2010.

Tax collectors are blaming the massive drop off on budget cuts at the IRS which have reportedly led to a third of enforcement agents being let go. The IRS was given $11.2 billion in the 2017 federal budget, eight percent less than the agency received at its peak in 2010.

“We get far more state audits of our clients than IRS audits,” California CPA Andy Mattson told WSJ. The Trump administration’s 2019 budget is reportedly keeping the lower IRS budget in place; proposing $11 billion in base funding next year.

Comments

Leave a Reply

Please log in using one of these methods to post your comment:

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

w

Connecting to %s

More From CBS Tampa

Gov. Rick Scott Announces Senate RunFlorida Gov. Rick Scott formally announced his run for the U.S. Senate seat held by Democrat Bill Nelson.
Topless Protester Charges Bill CosbyA topless protester with "Women's Lives Matter" written on her body jumped a barricade and got within a few feet of Bill Cosby on Monday.
Best Party Beaches Around Tampa BayIt's illegal to drink alcohol on most of Tampa Bay's beaches - unless you know about these next six locations.

Listen Live