Apparently not content with record-level federal tax receipts, the Internal Revenue Service is expanding its efforts for new revenue seeking.

The likelihood of an IRS audit on taxpayers earning more than $200,000 per year is now double that of the average income earner thanks to renewed programs that single out higher earners for increased scrutiny.

In 2013, wealthy earners with $10 million or more in annual income had a 25% chance of being targeted by the IRS with an audit.

The $200,000 threshold, which yields $600 new dollars in revenue for every hour spent in an audit, appears to be an arbitrary line laid down by Barack Obama during his presidential campaign after declaring that amount as officially “wealthy.”

IRS officials continue to bellyache about cuts to funding by the Republican-led House as the cause for the precipitous drop in customer service to taxpayers.

Just as calls continue from Congress for the impeachment of IRS Commissioner John Koskinen, about no effects from budget cuts can be found in the audit department.

Read More…