The tax agency announced new goals in an effort to show what it’s doing to maximize the billions of dollars provided by the Inflation Reduction Act.

The IRS is tapping Inflation Reduction Act funding to hire more agents and go after more tax cheats. Here's where it is focusing.

WASHINGTON >> The Internal Revenue Service said on Thursday that it plans to sharply increase audit rates for big corporations, partnerships and multimillionaires over the next three years as it ramps up enforcement spending and hiring to boost collections.

The agency says it will increase audits on people who earn more than $10 million from 11% to 16.5% by 2026. As for businesses, the IRS will triple audit rates for those with assets over $250 million.

In a bold move to enhance fairness in tax collection, the IRS is gearing up to significantly increase its audit activities, targeting the financial heavyweights of society—wealthy individuals and larg