








The IRS said Thursday that it has taken steps to address a wide disparity in audit rates between Black taxpayers and others filers, and is more closely examining the returns of larger numbers of wealthy people and major companies. https://t.co/plErP35DPY
Today the IRS outlined its plans to use its funding: - 3x audit increase for Corps w/ $250M+ in assets - 10x audit increase for Partnerships w/ $10M+ in assets - 50% increase for high income earners w/ $10M+ in income Wonder how much AI will have an impact here…
Today the IRS outline its plans to use its funding: - 3x audit increase for Corps w/ $250M+ in assets - 10x audit increase for Partnerships w/ $10M+ in assets - 50% increase for high income earners w/ $10M+ in income Wonder how much AI will have an impact here…

The IRS is intensifying its scrutiny on various fronts, including cryptocurrency taxation, the incomes of billionaire sports team owners, and general compliance among high-income earners and large corporations. Recent reports have revealed discrepancies in reported incomes by billionaire team owners, prompting the IRS to examine potential legal violations. Additionally, the agency is notifying individuals whose data was compromised in a significant leak. To address these issues, the IRS plans to significantly increase audits: tripling them for corporations with assets over $250 million, increasing them tenfold for partnerships with assets over $10 million, and raising them by 50% for high-income earners with over $10 million in income. The IRS is also working to rectify disparities in audit rates between Black taxpayers and other filers.