IRS audits low-income taxpayers more often than wealthier peers \ stacker news ~econ

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IRS audits low-income taxpayers more often than wealthier peers signalcleveland.org/irs-audits-low-income-taxpayers-more-often-than-wealthier-peers-study-finds/

572 sats \ 7 comments \ @k00b 2 Mar econ

For anyone that feels like howling at the moon this morning.

A report found that the odds of audit for returns filed by those earning less than $25,000 in 2022 was 12.7 out of every 1,000 returns filed. For all other filers, the rate was 2.3 for every 1,000 returns filed.

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31 sats \ 1 reply \ @freetx 2 Mar

Even though my tax return is not super complicated, and I could do it myself, I pay $500 per year for a CPA to do it.

Having a CPA sign your return is essentially a signal that removes you from the low hanging fruit.

10 sats \ 0 replies \ @Bell_curve 23h

very true

I have used Tax Act since 2008

I used to think using tax software and filing online reduced the chances of an audit, I think that was the case 20 years ago

13 sats \ 0 replies \ @Bell_curve 2 Mar

1099 or self employed are more likely to be audited

If you don’t take the standard deduction you are more likely to be audited

If you make more than 400k you are more likely to be audited

But they will send you a letter first so you can discuss with your lawyer and accountant

31 sats \ 0 replies \ @Undisciplined 2 Mar

You don't attack people who can fight back.

10 sats \ 2 replies \ @Satosora 2 Mar

They audit the people who will actually pay up. This just shows that the irs has nothing better to do, and needs doge to make things efficient again.