IRS Increases Audit Rates for Wealthy Taxpayers and Large Corporations

The IRS plans to increase audit rates of wealthy taxpayers and large corporations by 50% using funds from the Inflation Reduction Act. The agency assures that middle-class Americans earning less than $400,000 annually will not be targeted for audits.

IRS plans to increase audit rates of wealthy taxpayers and large corporations

The IRS plans to increase audit rates of wealthy taxpayers and large corporations using funds provided by the Inflation Reduction Act. The agency aims to modernize, improve services, and collect more tax revenue. The funding is also being used to hire additional staff and improve technology. Republicans have expressed concerns about potential targeting of small businesses and the middle class.