IRS plans to increase audit rates of wealthy taxpayers by 50%
The Internal Revenue Service detailed its plans Thursday to significantly ramp up audit rates of wealthy taxpayers and large corporations, using funds provided by the Democrat-backed Inflation Reduction Act that passed in 2022.
IRS plans to more than double its audit rate of wealthy taxpayers
Funding for the latest enforcement efforts was included in the Democrats' health care and climate change spending bill that President Biden signed into law in 2022.
IRS audit crackdown: Who's most likely to be targeted
In other news - The Internal Revenue Service plans to more than double its audit rate of the country’s wealthiest taxpayers by 2026. The agency says the audits will pertain to taxpayers with a positive income of more than $10 million. It also intends to nearly triple the audit rate on corporations with more than $250 million in assets.
IRS acts to address wide disparity in audit rates between Black taxpayers and other filers
The IRS said Thursday that it has taken steps to address a wide disparity in audit rates between Black taxpayers and others filers, and is more closely examining the returns of larger numbers of wealthy people and major companies.
IRS acts to address wide disparity in audit rates between Black taxpayers, other filers
IRS data-driven algorithms selected Black taxpayers for auditing at up to 4.7 times the rate of non-Black taxpayers. The agency says it’s moving to correct the disparity.
US IRS targets sharply higher audit rates on big firms, partnerships, millionaires
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.
IRS says its number of audits is about to surge. Here's who the agency is targeting.
The IRS is tapping Inflation Reduction Act funding to hire more agents and go after more tax cheats. Here's where it is focusing.
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