The chances of an IRS audit for people making at least $10 million a year plunged during the government’s last fiscal year, according to new data from the agency.
The audit rate for those high earners fell to 6.66% for fiscal year 2018, less than half of the 14.52% rate the year before, according to the IRS data released May 20. The government’s fiscal year runs from Oct. 1 through Sept. 30.
The most recent data spans the nearly three months before enactment of the 2017 Republican tax-code overhaul, which cut rates for individuals and businesses. It also spans the ...
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