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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.