IRS collected $2.4 trillion in taxes, audited more multimillionaires

Internal Revenue ServiceAccounting and Auditing

Attention, millionaires, the watchful eye of the Internal Revenue Service is trained on you. During last year's tax season, 30% of multimillionaires were audited, the agency said. Overall, just 1.1% of individual income tax returns were checked.

Taxpayers making an adjusted gross annual income of $10 million or more are increasingly on the IRS' radar -- in 2010, just 18% of them faced audits, according to a report from the agency. Nearly 21% of Americans making between $5 and $10 million had their returns inspected, the IRS said; 12% of millionaires making less underwent the same process.

From Oct. 1, 2010, through Sept. 30, 2011, the agency said it collected $2.4 trillion in taxes from 234 million processed returns, up from the $2.3 trillion collected the year before. It was the first year of increased revenue since 2008.

The IRS said more than 133 million tax returns -- including more than three-quarters of all individual returns -- were filed online. More than eight in 10 individual returns resulted in refunds --  a total payout of $338 billion (among all tax returns, nearly $415.9 billion was refunded).

Nearly 4,700 criminal investigations were completed last year, the agency said, with 1,802 resulting in incarcerations.

Nearly 28 million returns, or $281.2 billion in gross collections, came from California -- the most of any state. Nearly 13.9 million refunds, or $47 billion, went to taxpayers.

For the record, 4 p.m., March 23: A previous version of this post said $281.2 million in gross collections came from California. The number is $281.2 billion. And $47 billion, not $47 million, was paid out in refunds to California taxpayers.


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