IRS commissioner Mark Everson: "Our audits of high-income individuals have more than doubled since 2000"

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... the IRS currently audits 28% of the estate tax returns with assets of $5 million or more - and that audit coverage rate will not change. The largest estates will still be audited at the same rate. Second, 10% of the estate work we do generates 80% of the dollars we bring in. That means 90% of the work generates only 20% of the dollars.

Since 2003, the centerpiece of our enforcement efforts has been to increase audits of high-income individuals and corporations. Our audits of high-income individuals have more than doubled since 2000. We've aggressively gone after tax shelters, recovering billions of dollars for the Treasury.

Over time, we've brought our annual audit rate for individuals making more than $1 million up to 5%. I want to do more. The resources we'll generate by drawing down our estate tax workforce will be used to audit more income tax returns of the super rich.

Even if marginal estate tax audits were as productive as those of high-income individual tax returns, which they are not, I'd rather audit the wealthy while they still have years to live and more returns to file.

http://news.yahoo.com/s/usatoday/20060731/...argetingtherich

[Mirorgate 0]

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in laymans terms... more ppl are working the tax system to keep mony from the US Gov that we have to nitpick to get it.

oye... they goto far at times.

[almaty 19]

..snip...

in laymans terms... more ppl are working the tax system to keep mony from the US Gov that we have to nitpick to get it.

oye... they goto far at times.

true brother...need som e good tax shelter ..like exxon