March 26, 2013 11:29 am

Audit Rates for Individuals Declined

The IRS’s 2012 Data Book, released on March 25, 2013, reveals that audit rates on individuals declined somewhat in the government’s fiscal year ending September 30, 2012. The overall audit rate for individuals was 1.09%, down from 1.11% in the previous fiscal year. However, this rate was still above the one for 2008 and 2009 when the rate was only 1%. The audit rate for the wealthiest individuals—those with more than $10 million of income—declined to 27.37% from 29.93% in the previous fiscal year.

The audit rate on corporations was up slightly. Overall, for the government’s 2012 fiscal year, the IRS processed 237 million returns and collected almost $2.5 trillion in revenue.


Tags: Audits
Tax Glossary

Fiscal year

A 12-month period ending on the last day of any month other than December. Partnerships, S corporations, and personal service corporations are limited in their choice of fiscal years and face special restrictions.

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