New York (June 21, 2002) - Hold on to your shoebox receipts - the Internal Revenue Service is resuming random audits this year of up to 50,000 taxpayers for their 2001 taxes.
IRS Commissioner Charles Rossotti told the Wall Street Journal that the random audits are key to helping the agency determine what kinds of red flags should trigger targeted audits. The agency uses data from the audits to update a secret formula it will use to pick audit targets in the future, the paper said.
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