The IRS hopes to increase tax audits on the wealthiest taxpayers tenfold under the Biden administration’s plan for the agency, according to a senior administration official and the IRS’s new strategic operating plan.
A large-scale refurbishment of the Internal Revenue Service (IRS) is underway following an allotment of $80 billion to the agency in Democrats’ Inflation Reduction Act passed last year.
Audit rates have been on the decline since 2010. Across all income brackets, the audit rate decreased to 0.25% in 2019, down from 0.9% in 2010.
Expectations are high that the IRS will beef up tax enforcement with its new $80 billion in multiyear funds from the Inflation Reduction Act, but it will take some time for that to come to fruition.
Former IRS Commissioner Mark Everson discusses why the IRS visited journalist Matt Taibbi’s home during his Twitter Files testimony on ‘Cavuto: Coast to Coast.’
Former IRS chief, Mark Everson, believes new IRS chief Daniel Werfel is the right person to lead the agency during its $80 billion transformation.
The Senate Finance Committee this week voted to advance Daniel Werfel’s nomination to become IRS commissioner amid fierce debate over the agency’s $80 billion in funding.
IRS commissioner nominee to ensure that America’s highest earners comply with tax laws. Here are the key takeaways from Senate hearing
President Joe Biden’s nominee to lead the IRS answered questions during a Senate Finance Committee hearing this week, highlighting key issues from lawmakers on both sides of the aisle.
No, the IRS isn’t going away. In fact, concerns about audits are ticking up. As small businesses prepare for tax season, there are still plenty of benefits…
The National Taxpayer Advocate expressed hope that better days were ahead for the tax collection agency.