Could you face an IRS audit in 2008?

Well your chances certainly have increased.  The payoff for the IRS?  $59.2 billion in enforcement revenue, compared to $48.7 billion in 2006 and $34.1 billion in 2002.  The IRS filed 3.8 million levies and almost 700,000 liens during 2007, an increase from 2006.

Individuals audited in 2007 compared to 2006:

This totals 1,384,563 individuals audited in 2007, up from 1,296,681 in 2006, an increase of 7% overall.

The IRS focused it’s business audits on mid-market corporations with assets between $10 million and $50 million.  Audits in 2007 compared to 2006:

Large corporation audits dipped slightly in 2007 to 9,644, although this is up 14% from 2002.  This totals 59,516 businesses audited in 2007, up from 52,223 in 2006, and increase of almost 14% overall.

Source: WebCPA

About the Author

Reed Tinsley CPA

This article is written by Reed Tinsley, a Houston, TX-based CPA with over 30 years of experience advising physicians and medical practices across Texas and the United States. Reed holds certifications as a Certified Valuation Analyst (CVA), Certified Healthcare Business Consultant (CHBC), and Certified Financial Planner (CFP), specializing exclusively in the healthcare sector. He is a published author, nationally recognized speaker, and trusted advisor to physicians on accounting & tax, practice management, and financial planning. Schedule a Free Consultation.