Critics Erupt As IRS Increases Audit Rates of Wealthy Taxpayers by 50 Percent

By Mike Fishmore | May 12, 2024

Audit rate

The IRS plans to increase audit rates of wealthy individuals and large corporations using funds from the Inflation Reduction Act. 
 

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The audit rate for those earning over $10 million will rise from 11% to 16.5% by 2026, while audits of corporations with over $250 million in assets will triple. 
 

New agents

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Republicans believe this will penalize the middle class, but the IRS and Biden administration officials insist the increased audits and hiring of new agents will not target those earning under $400,000 annually.