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Business -- tax day is now less than a month away and if you happen to fall into the millionaire bracket the IRS says it will not be auditing as many of you this year.
Tracy Byrnes joins us now to explain a problem -- -- -- that's not that's not -- what they're saying it's sort of been misreported.
Well the latest -- -- into my tax return that were filed in 2008 could have been front and knew a bunch of years he's got to three years statue limitations right -- -- him out.
Returns that were all filed -- -- What do you -- there's a lot more millionaires because we have the housing boom we get a good market.
So familiar loosely defined I don't really like is they said -- a millionaire because their house was worth more than a million even that it owed it a million these are the -- -- million dollars in her home you're not a millionaire.
And these are tax returns that showed a million dollar -- -- that's not exactly -- -- again something that -- -- percent in any IRS.
Is going to be auditing fewer of those people.
They're not they audited.
Fewer than they said they were going to for a bunch of reasons one they hadn't been -- -- bodies so they had to pull people out from auditing and get these economic stimulus checks out they had it they got a lot of spy stuff going on with the iris lately so they're they're short.
The other thing is -- -- -- are complicated.
You know doubt -- -- easier to audit someone like -- got some mutual fund incumbent things like that and -- nickel and dime me.
As opposed to someone has got a very complicated return because it's harder to audit and then it's a big fight so TJ you know Nichols as opposed to the highly suitable.
Capture more or higher percentage of and maybe this is this an urban legend I don't know -- small business owners people like that real to you people tend to write don't try to write off everything every gallon -- they use they write off every cellphone call they make you know I.
Cash business you what it's like being being being being down there be prepared to back everything that you say your bartender you -- hire help.
Because they're common action that's easy for them to say look you didn't report all this where's your receipts very easy to attack target these guys which is why they -- because it's easy to collect.
But as far as high net worth folks going forward know the IRS is definitely going to pay attention to you so do your turn to right.
Patriot Act -- they're going to be taking more from certain high net worth individuals actually right I would be wolverines to deceive out if there are as many millionaires this year.
We will find out Forbes said fewer billionaires we'll see that happens on there as well Tracy -- thank you very much a.
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