IRS to Boost Audit Rates by 50% for Wealthy, Tenfold for Large Partnerships

May 2, 2024, 07:40 PM

The IRS has announced plans to significantly increase its audit rates, targeting wealthy taxpayers and large corporations. According to a strategic plan update, the agency aims to more than double the audit rate for the wealthiest taxpayers by 50% and nearly triple it for large corporations with assets over $250 million. Additionally, audit rates for large, complex partnerships with assets over $10 million are set to increase tenfold. IRS Commissioner Danny Werfel emphasized that the initiative is designed to crack down on tax cheats and enhance revenue for the U.S. Treasury, although not all taxpayer groups will face increased scrutiny.