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IRS Tax Audit

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Earning more than $1 million a year? Get ready for a tax audit. The Internal Revenue Service reported in a business magazine Friday that workers and businesses underpaid an estimated 17 percent of their taxes, that brings it to $385 billion for tax year 2006, in its latest report on the nation’s “tax gap”—an estimate of taxes owed but not paid. In the most recent year studied, the businesses also failed in returning the government a substantial $450 billion that it was owed.

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