Cash-strapped IRS to do less audits - WDAM-TV 7-News, Weather, Sports-Hattiesburg, MS

Cash-strapped IRS to do less audits

NEW YORK (CNN) - It's tax time. And for many, that means paperwork and frustrations. But here's some good news. The IRS is less likely to audit you this year.

The tax man cometh, or so they say. But not this year. Less taxpayers are being audited. The IRS audited 1.4 million people last year. That's the lowest number in five years. But don't go patting yourself on the back just yet.

Audits aren't down because Americans are getting better at crunching the numbers. Instead, audits are down because the agency is in a cash crunch. The IRS budget has been shrinking since 2010, and that will continue this year.

Less money has meant layoffs and furloughs, so less people to do the audits. But not everyone is off the hook. Some people are more likely to be audited by the IRS. So who are they? The rich. Nine percent of taxpayers with income more than $1 million are audited. That percentage rises, the more money you have, largely because wealthier people have more complicated returns.

Also more likely to be audited are business owners and taxpayers who claim a home office deduction, or the earned income tax credit. So if you're not in one of those groups, you're not likely to be among the 1 percent of taxpayers who get a visit from the IRS.

 Copyright 2014 CNN. All rights reserved.

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