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News

The Daily

IRS Audits Down for Everyone But Foreign Filers

By:
Chris Gaetano
Published Date:
Apr 15, 2015
Globe on moneyOn average, a taxpayer's chance to be audited by the IRS has dropped 23 percent over the past three years, provided they live in the U.S., according to Bloomberg. On the other hand, taxpayers living abroad have seen their chances increase from 2.5 percent to nearly 5 percent from 2013 to 2014. Bloomberg said this was due to new laws and regulations on overseas investments and other income, such as the Foreign Account Tax Compliance Act, which the IRS is responsible for enforcing, as well as generalized extra scrutiny on those who have foreign accounts.