The IRS is planning to ramp up audit rates of wealthy Americans and large corporations as part of its sweeping effort to crack down on tax cheats. The tax-collecting agency aims to increase the audit rates of taxpayers earning over $10 million by more than 50%. That will bring the audit rate for these individuals to 16.5% in 2026, compared with 10% in 2019.
IRS LOOKS TO HIRE 3,700 NEW AGENTS TO CRACK DOWN ON WEALTHY TAX CHEATS The IRS said it plans to spend $9.3 billion in fiscal 2025, $7.3 billion in fiscal 2026 and a total of $57.82 billion over the decade though fiscal 2031, according to Reuters. The funding boost for the IRS has elicited fierce pushback from Republicans and other critics who say that a beefed-up IRS amounts to the worst type of government overreach that could ultimately hurt lower-income Americans.