Word: auditing
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...your chances of being audited by the IRS plunged to 1 in 204, the agency reported Thursday - half the rate of 1998. Even upper-income types earning $100,000 a year or more, traditionally auditors' favorite targets, saw their chances fall 31 percent from 1999, to less than 1 in 100. Audits of corporations fell 13 percent. Even the working poor, whose use of the Earned Income Tax Credit got them particular scrutiny from IRS enforcers because of a congressional order, could roll the dice 161 times without coming up audit...
...Lucent spokeswoman Kathleen Fitzgerald told the Journal it was "voluntarily and completely cooperating with the SEC" since it was first contacted in November, and has shared not only all of its findings on revenue restatements with the commission but also the results of an external audit. Company lawyers have also been regular visitors to SEC headquarters in Washington...
From then on, Derwin and the district attorney met regularly, discussing the progress of the investigation and figuring out ways to get to the bottom of the mess awaiting the sheriff-elect. Derwin planned a top-to-bottom audit of the jail's contracts and a review of the seven bail bondsmen who had questionable connections to the jail. Derwin, who set up a transition team of campaign loyalists and career cops to run the sheriff's department, also had narrowed a list to 62 jail personnel whom he wanted to demote or fire...
...with the trouble the IRS has had in attracting, training and securing funding for tax examiners, whose numbers have been dropping since 1988. But the sharpest staff and enforcement falloffs have occurred since the high-profile hearings. Examination staff is down 19% since 1997; the number of audits is down 46%. I spoke with many enrolled agents--it's their job to represent taxpayers--who haven't attended an audit in years...
Still, even a friendly audit is no fun. You're most likely to get audited if you're self-employed or own a small business, or if you itemize. Red flags include declining reported income and large deductions for travel and entertainment. Don't round off numbers; they look made up. If the IRS asks for more information, give it promptly--but nothing more than requested. And if you get audited, hire someone to represent you to prevent emotions from turning the audit ugly. Today's IRS tries to be understanding. Best to keep it that...