There aren’t a lot of people or corporations that welcome a tax audit, but at the same time, there are plenty of people and corporations that are well prepared for such an audit, because those earning high-income, as well as those corporations that are pushing out a lot of product, recognize that they are going to have to be evaluated from a tax compliance standpoint, periodically. If the point of having a tax code in America is for the purpose that individuals as well as corporations pay their appropriate share in taxes then the least that this nation owes its own taxpayer citizens, is the assurance that those that bring in high personal income as well as those corporations that sell an abundance of goods, have contributed what they should have contributed to the country that has provided them with the opportunity to make that money in the first place.
When it comes to tax audits, it just makes more sense that there be a particular purpose behind such, and what that purpose should be is to see that the highest performers in this land are audited so as to better confirm whether they are or are not paying their fair share. This signifies that rather than tax audits being an event which may or may not occur for certain people and corporations, that there needs to be a special category set aside for the big performers, which is why, those that have a personal income of $1 million or more should be automatically audited, and corporations that push out a lot of product, such as $100 million or more, should also be automatically audited.
It isn’t like being audited is somehow a crime, it just should be common sense for the tax authorities of the state to want to examine the tax returns of the biggest players in this country, which will not only help assure compliance with tax laws, but could also mean the restructuring of some tax laws depending upon what is discovered in a careful examination of those tax returns. All those who are high-income individuals should simply look upon an audit of their tax return as the price that needs to be paid for their success, as well as keeping in mind the important fact that these high earners can easily afford a tax accountant or attorney to deal directly with the IRS when it comes to their audit.
So too, just the knowledge by the general public that the biggest players are being audited each and every year, should make them feel better about their own contribution in the paying of taxes, because there is a general consensus that the richest and most connected typically don’t pay their fair share, and one way to answer that question is to audit their returns, which should definitely provide some answers as well as to provide more revenue for the tax authorities, because when people and corporations know that their tax return will for a certainty, be audited, they are going to be more careful about what they put into it.