Luxury Connect
Meet the Luxury Leaders | October 19-20 | Beverly Hills

Every year, the Internal Revenue Service releases detailed statistics about who got audited the previous year.The stats for 2011, covering 2010 returns -- have recently come out and they paint an unpleasant picture for many real estate professionals -- particularly the successful ones. The percentage of business and nonbusiness returns that got audited in 2011 is shown in the following chart:IRS Audit Rates (2010)   Audit Rate Sole proprietors   Income under $25,000 1.3% $25,000 to $100,000 2.9% $100,000 to $200,000 4.3% $200,000 and more 3.8% Partnerships 0.4%S corporations 0.4% C corporations   Assets under $250,00...