IRS BOOSTS AUDITS OF HIGH-INCOME TAXPAYERS

Washington, D.C. - The Internal Revenue Service has increased its audits of taxpayers at upper-income levels.

According to IRS statistics, 12.48 percent of taxpayers with income of $1 million or higher were subjected to audits in fiscal year 2011, compared to 8.36 percent in 2010. Those with incomes of $200,000 or higher were audited at a rate of 3.93 percent, compared to 3.10 percent in 2010. In contrast, 1.02 percent of taxpayers with incomes below $200,000 a year were audited in fiscal 2011, compared to 1.04 percent in 2010.

Large corporations were also audited at a higher rate, with 17.6 percent of those with assets of $10 million and more audited in 2011, compared to 16.6 percent in 2010. Those with assets of $250 million and more were audited at a rate of 27.6 percent in 2011, compared to 25.3 percent in 2010. Smaller corporations with assets under $10 million were also audited at a greater rate, at 1.02 percent in 2011, compared to 0.94 percent in 2010.

 

NASBA OKAYED AS TAX EDUCATION PROVIDER

Nashville, Tenn. - The IRS has approved the National Association of State Boards of Accountancy and NASBA's National Registry of CPE Sponsors as the first organizations to receive qualified accrediting status to provide continuing education as part of the IRS's Registered Tax Return Preparer Program.

NASBA National Registry sponsors will only be required to complete a brief registration process with the IRS in order to obtain a Continuing Education Provider number and course numbers, and will not be required to complete a separate approval process.

NASBA said that it anticipated great demand for continuing education providers who can offer courses in current subject matters in federal taxation or related matters, including federal tax law updates and ethics or professional conduct. Currently, more than 400,000 registered preparers are required to obtain 15 hours of CE annually.

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