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Monday, 06 March 2017 04:40

Chances for a tax audit have rarely been this low

Written by  Associated Press

WASHINGTON (AP) — As millions of Americans file their income tax returns, their chances of getting audited by the IRS have rarely been so low.

The number of people audited by the IRS in 2016 dropped for the sixth straight year, to just over 1 million.

The last time so few people were audited was 2004. Since then, the U.S. has added about 30 million people.

The IRS blames budget cuts as money for the agency shrunk from $12.2 billion in 2010 to $11.2 billion last year. Over that period, the agency has lost more than 17,000 employees, including nearly 7,000 enforcement agents. A little more than 80,000 people work at the IRS.

IRS Commissioner John Koskinen said budget cuts are costing the federal government between $4 billion and $8 billion a year in uncollected taxes.

"We are the only agency if you give us more people and money, we give you more money back," Koskinen said in an interview.

So is it safe to cheat on your taxes? Not necessarily, according to tax experts.

"I don't think it's open season for people to cheat," said Joseph Perry, a partner at the accounting firm Marcum. "I think there are a certain group of people that will always try to push the envelope to get away with things that they think they can get away with.

Read more at CNSNews

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