A Boring Dystopia

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IRS says its number of audits is about to surge. Here's who the agency is targeting. (www.cbsnews.com)

submitted 6 months ago by return2ozma@lemmy.world to c/aboringdystopia@lemmy.world

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[–] IHawkMike@lemmy.world 86 points 6 months ago* (last edited 6 months ago) (1 children)

The agency will focus on wealthy individuals and large corporations:

The IRS plans to triple the audit rates on large corporations with assets of more than $250 million. Audit rates for these companies will rise to 22.6% in tax year 2026 from 8.8% in 2019.

Large partnerships with assets of more than $10 million will see their audit rates increase 10-fold, rising to 1% in tax year 2026 from 0.1% in 2019.

Wealthy individuals with total positive income of more than $10 million will see their audit rates rise 50% to 16.5% from 11% in 2019.

"There is no new wave of audits coming from middle- and low-income [individuals], coming from mom and pops. That's not in our plans," Werfel said.

[–] Jaysyn@kbin.social 33 points 6 months ago

More of the progress Trump wants to stop.