IRS Ramps Up Audits on Wealthy Taxpayers and Large Corporations
The IRS plans to significantly increase audit rates for high-income individuals and major companies by 2026, leveraging funds from the Inflation Reduction Act.
- IRS targets audit rate increase to 16.5% for individuals earning over $10 million, up from 11% in 2019.
- Audit rates for corporations with assets over $250 million will nearly triple to 22.6%.
- Enhancements in IRS technology and staffing aim to improve taxpayer services and enforcement efficiency.
- No increase in audit rates for individuals earning less than $400,000, aligning with Biden's pledge.
- IRS Commissioner Danny Werfel emphasizes the focus on high-wealth filers and complex corporations, dismissing concerns over audits on middle and low-income groups.
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