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IRS targeted poorest taxpayers while millionaires went mostly unscathed in 2022 - report
IRS targeted poorest taxpayers while millionaires went mostly unscathed in 2022 - report | A study of 2022 IRS tax audit data found that a taxpayer in the lowest income bracket is five times more likely to face an audit that would a member of the highest income bracket... The Transactional Records Access Clearinghouse (TRAC) at Syracuse University examines internal IRS management reports each month, and the group noticed different trends by reviewing 2022 data. Most notably, the group looked at audits, particularly considering the agency relying more heavily on automatically produced letters sent to taxpayers. The data showed that the IRS conducted 85% of its audits through these letters, which request additional information and documentation related to specific items of interest. The rate of income tax audits for those in the lowest income bracket hit 12.7 per 1,000, compared to 2.3 per 1,000 among theose in the highest -- a nearly five-fold increase. The odds of a millionaire facing an audit were around 1.1%.
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