https://blogs.lotterypost.com/truesee/2011/4/cpas-warn-the-feds-are-stepping-up-audits-of.htm truesee's Blog: CPAs warn the feds are stepping up audits of the rich en-us Lottery Post RSS Generator https://blogs.lotterypost.com/truesee/2011/4/cpas-warn-the-feds-are-stepping-up-audits-of.htm https://blogs.lotterypost.com/truesee/2011/4/cpas-warn-the-feds-are-stepping-up-audits-of.htm Thu, 07 Apr 2011 23:41:20 GMT truesee

Thursday, April 7, 2011

Is the IRS Being Pennywise and Pound Foolish?

CPAs warn the feds are stepping up audits of the rich -- who already pay the vast majority of federal taxes.

Scott Crowder

Dallas CPA David Gair of Looper, Reed McGraw says if you make $10-million, you have a nearly 20% chance of being audited.

As the infamous bank robber Willie Sutton said, when asked why he robs banks, he said 'well, that's where the money is.'

But Houston CPA Michael Parmet of Parmet, Chapman Madison says soaking the rich won't work.

It damages the economy in that if they do take money from the wealthy, if they do find something, what happens is it lowers the amount of jobs that are happening out there.

The CPAs note the top 1% wealthiest already pays around 50% of federal taxes and the top 5% pays 70 to 80%.

--Story by: Scott Crowder

... [ More ]

]]> Blog Entry truesee https://www.lotterypost.com/blogentry/53038