The IRS has been increasing its audits and examinations of high-income individuals in the past year, examining nearly 30 percent of the tax returns of those earning $10 million and more, nearly twice the rate of a year earlier.

“Overall, in FY 2011, individual income tax returns in higher AGI classes were more likely to be examined compared to returns in lower AGI classes,” the IRS said in its FY 2011 Data Book, which the IRS released Thursday. For the IRS, fiscal year 2011 covers the period between Oct. 1, 2010 and Sept. 30, 2011.

Register or login for access to this item and much more

All Financial Planning content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access