Tax audit rates at all income levels have declined in the past decade as the time it takes IRS agents to complete audits of top-earners has more than doubled, according to a new watchdog report.
The IRS has scaled back audits of all taxpayers between 2010 and 2019, with the total audit rate falling to 0.25% from 0.9%. The largest drop has been among those reporting $5 million or more, who have a 2.35% chance of being audited down from more than 16% a decade ago, according to an analysis from the Government Accountability Office released Tuesday.
The drop ...