The U.S. Treasury and Congress are putting pressure on the Fed to disclose its governance policies.

Almost three months ago, on June 17, the Obama administration proposed a regulatory overhaul including a "comprehensive review of the Fed's ability to accomplish its existing and proposed functions."

There is some confusion as to why the Treasury is undertaking this task. The Fed was created by Congress to be independent of the executive branch and Congress.

When T.S. Eliot began The Waste Land noting that "April is the cruelest month," the American poet wasn't talking about tax season. But anyone who has ever been audited might adopt the phrase to suit their circumstances . . . and the month is rapidly becoming crueler and crueler each passing year.

According to an article in today's New York Times, the Internal Revenue Service has become increasingly more likely to audit middle-class Americans. In fact, since 2000, audits have nearly tripled among those taxpaying Americans who earn between $25,000 and $100,000 per year. During the past six years, middle-class households (who make up nearly half of all taxpayers) have seen their odds of an audit rise from 1 in 377 to 1 in 140.

Kevin Brown, the I.R.S. deputy commissioner, said the agency's audit practices previously paid too little attention to the middle class, focusing instead on those making $1 million or more. "We try to run a balanced audit program," he now confirms. Even with the ramped-up audits on the nation's middle class, those in the highest tax bracket remain more like to be audited. Taxpayers with income above $100,000 have a 1 in 59 chance of being audited; those fortunate enough to make $1 million or more enjoy the misfortune of a 1-in-16 chance of an audit. Finally, those making below $25,000 face only a 1 in 94 chance of enduring an audit.

If you are among the unlucky middle-class households to be audited, and if evidence of errors are found in your documents, the average penalty is about $4,100.

Beth Gaston Moon is an analyst at Schaeffer's Investment Research.

It's tax season again, and that means one thing: confusion. But before you stress over listing your Chia Pet as a dependent, keep in mind that, unless you're flat-out cheating on your taxes, the likelihood you'll get audited is pretty slim. Just don't run off to Namibia.

"The fact of the matter is, very few returns are audited -- fewer than one in 150," says Kiplinger Editorial Director Kevin McCormally. "And what gets the IRS's attention is if you put something on your return that paints a strange picture of you." I'm thinking, like, listing a hybrid vehicle credit for your Segway. But, really, this video explains it better:




AOL Money & Finance can help further, with this list of 10 Common Tax Mistakes to Avoid, like "don't forget to sign your name at the bottom of your return."

B. Brandon Barker is the author of the novel Operation EMU.