The chances of an IRS audit for people making at least $10 million a year plunged during the government’s last fiscal year, according to data released on Monday.
The audit rate for those high earners fell to 6.66% for fiscal year 2018, less than half of the 14.52% rate the year before, according to the IRS data. The government’s fiscal year runs from Oct. 1 through Sept. 30.
The most recent data spans the nearly three months before the enactment of the 2017 Republican tax-code overhaul, which cut rates for individuals and businesses. It also spans the first nine months of 2018 in which the revamp first affected tax filers.
The Internal Revenue Service tries to balance what it calls a twin policy of “service” and “enforcement.” IRS Commissioner Charles Rettig said in the report that included the recent figures that “enforcement of the tax laws is critical to ensuring fairness in our tax system.”