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The IRS also plans to triple the audit rates of large corporations with assets over $250 million, as well as increase the audit rates of business partnerships with assets over $10 million by tenfold over the seven-year period.

Despite the expected increases, audit rates won’t exceed those reached in 2010 because the number of filings by large corporations, partnerships and wealthy individuals have grown and become more complex, the IRS said.

GORDON wrote: ↑Thu May 02, 2024 4:41 pm You ever hear the theory that the poor get audited more is because the poor can't afford tax lawyers?

GORDON wrote: ↑Thu May 02, 2024 4:41 pmHitting the rich by another 50% could conceivably triple their audit costs. I say triple to make the point, could be 10x. Idk.

At the same time, the IRS is increasing its audit efforts, with Werfel noting on Thursday that the agency will focus on wealthy individuals and large corporations:

The IRS plans to triple the audit rates on large corporations with assets of more than $250 million. Audit rates for these companies will rise to 22.6% in tax year 2026 from 8.8% in 2019.
Large partnerships with assets of more than $10 million will see their audit rates increase 10-fold, rising to 1% in tax year 2026 from 0.1% in 2019.
Wealthy individuals with total positive income of more than $10 million will see their audit rates rise 50% to 16.5% from 11% in 2019.
"There is no new wave of audits coming from middle- and low-income [individuals], coming from mom and pops. That's not in our plans," Werfel said.

Leisher wrote: ↑Mon Jul 08, 2024 2:57 pm They mentioned only taking loans until his death. What happens when he dies?

GORDON wrote: ↑Mon May 20, 2024 3:47 pm And here's the awesome conclusion:

It was all for nothing. The last person finally figured out that even though the letter said "call in 60 days," what it really meant was call in 120 days, so we cancelled the appointment and I can start over in another 2 months.