The IRS is working to increase its audit rates for the wealthiest Americans, according to a statement released by the agency.
The IRS is working to boost audit rates for the wealthiest Americans, according to a statement from the agency.
While plummeting audits have drawn congressional scrutiny, the numbers doubled for higher earners over the past seven months, the IRS reported. Still, "resource constraints" have limited the agency's ability to review high net worth individuals, large corporations and complex business structures.The IRS is working to boost its audit rates for the wealthiest Americans, according torecently released with the agency's annual Data Book, covering activities for the 2021 fiscal year.
While plummeting audits have drawn scrutiny from Congress, percentages have doubled for filers making over $100,000 to more than $10 million over the past seven months, according to the statement. What's more, audits of higher-income taxpayers often come later in the statutory period — within three years of a filing — meaning audits for 2019 may still happen through at least 2023, the agency says.
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