Millionaires Face Near-Zero Chance of IRS Audit -- For Now
- People reporting $10 million in income face 0.03% audit rate
- Individual audits dropped 65% amid IRS office shutdown
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If you have an income of $1 million or more there’s less than a 1% chance that the IRS has called you in for an audit, according to new figures from the agency.
So far, the Internal Revenue Service has audited 0.05% of those earning $1 million to $5 million in 2018, according to data released Monday. For those reporting $10 million or more, that figure drops to 0.03%.