The Internal Revenue Service (IRS) has said it will increase its audit rates of wealthy taxpayers and large corporations by 50 percent.
The IRS will reportedly be using funds allotted to it under the Inflation Reduction Act, which President Biden signed into law in 2022.
“The audit rate of taxpayers earning more than $10 million is expected to increase by 50%, going up from 11% in 2019 to 16.5% in 2026,” reported CNN.
“The IRS also plans to triple the audit rates of large corporations with assets over $250 million, as well as increase the audit rates of business partnerships with assets over $10 million by tenfold over the seven-year period,” it added.
The IRS, however, clarified that it does not expect the audit rates to actually exceed the numbers reached in 2010 “because the number of filings by large corporations, partnerships and wealthy individuals have…
