US taxman to increase personal audits
Government also considering new laws to collect more taxes
As part of an attempt to collect $290bn (?145bn) in taxes lost due to the
growing ‘tax gap,’, the US Internal Revenue
Service has increased tax audits.
At the same time the IRS is considering new laws to collect more taxes.
Last year the IRS examined more than 6% of returns from filers whose income
exceeded $1m, up from a 5% rate in 2004.
People who put small-business income on their returns also met with higher
scrutiny, the IRS said.
Further reading:
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