IRS Crackdown on Tax Cheats

SOURCE www.cbsnews.com
The IRS is ramping up audits to crack down on tax cheats and increase revenue, focusing on wealthy individuals and large corporations. The agency received $80 billion in new funding to boost its workforce and customer service.

Key Points

  • IRS receiving $80 billion in new funding to boost enforcement and customer service
  • Focus on wealthy individuals and large corporations for audits
  • No plans to increase enforcement on individuals earning less than $400,000 annually

Pros

  • Increased audits may deter tax evasion
  • Focus on wealthy individuals and corporations may lead to higher tax collection

Cons

  • Some may view increased audits as intrusive
  • Potential for errors or unfair targeting in audits