TRAC: IRS audit program on ‘global high wealth’ individuals not effective
According to an analysis of very timely court data by the Transactional Records Access Clearinghouse (TRAC), the special government effort to target “global high wealth” individuals—including those with assets or incomes in the tens of millions of dollars—completed audits on only 36 reporting income of $1 million or more in the nearly two and a half years since the program was announced.
And while the program has found more than $47 million in additional taxes, in one third of these audits the IRS made no changes.
Many more details are included in the full TRAC report at: http://trac.syr.edu/tracirs/newfindings/current.
TRAC is a data gathering, data research and data distribution organization at Syracuse University. The purpose of TRAC is to provide the American people—and institutions of oversight such as Congress, news organizations, public interest groups, businesses, scholars and lawyers—with comprehensive information about staffing, spending and enforcement activities of the federal government.