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Market
IRS audit revenue performance against projections by end of 2024
5
Resolution / Starting Odds
Exceeds projections • 33%
Meets projections • 34%
Falls below projections • 33%
IRS year-end financial statements or Treasury reports
Story
IRS to Increase Audits on Wealthy by 50% After Democrats' Law
May 2, 2024, 11:40 PM
The IRS has announced plans to significantly increase audit rates for wealthy taxpayers, large corporations, and complex partnerships by 50%, following a law passed by Democrats. The strategic initiative aims to double the audit rate for the wealthiest individuals and nearly triple it for large corporations with assets over $250 million. Additionally, audit rates for large, complex partnerships with assets over $10 million will increase tenfold. This move is part of a broader effort to crack down on tax evasion and increase revenue for the U.S. Treasury. IRS Commissioner Danny Werfel highlighted that the focus will be on specific groups of taxpayers, indicating that not all taxpayers will face increased scrutiny. The law has faced opposition from every Republican in Congress.
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Similar markets
Exceed Estimates • 33%
Meet Estimates • 34%
Fall Below Estimates • 33%
Increase in compliance departments • 25%
Restructuring of corporate assets • 25%
Legal challenges against the IRS • 25%
No significant change • 25%
Less than 25% • 33%
25% to 50% • 33%
More than 50% • 34%
Significantly improves • 33%
No significant change • 33%
Worsens • 34%
No additional taxes due • 33%
Tax payment under $50 million • 33%
Tax payment over $100 million • 34%
Backlog fully cleared • 25%
Significant reduction in backlog • 25%
Minor reduction in backlog • 25%
No change in backlog • 25%
Highly effective • 33%
Moderately effective • 33%
Ineffective • 34%