According to a report from CBS News, the IRS is gearing up to increase audits in an effort to crack down on tax evasion and generate more revenue for the U.S. Treasury. This initiative follows the passing of the Inflation Reduction Act (IRA) which allocated $80 billion in new funding. The plan outlined by the IRS over the next three tax years includes a significant rise in audits, with a focus on high-income earners, while individuals earning less than $400k annually will not see an increase in enforcement. IRS Commissioner Danny Werfel highlighted the importance of these changes, emphasizing the detrimental effects of years of underfunding on the agency’s services. For more information, visit CBSnews.com.
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IRS predicts a significant increase in the number of audits.
