Hints and tips:
...“The IRS continues to increase scrutiny on high-income taxpayers as we work to reverse the historic low audit rates and limited focus that the wealthiest individuals and organisations faced in the years...
...The IRS said it had not given the issue close scrutiny for about 10 years because it had lacked the resources to do so, but that had changed after the Inflation Reduction Act of 2022 allocated $80bn to the...
...Thanks to the Inflation Reduction Act of 2022, the IRS is flush with cash to spend on enforcement....
...Last year’s Inflation Reduction Act gave the IRS a big rise in its budget to increase audits of corporate taxpayers, wealthy individuals and large partnerships....
...Remember, it is cheap and easy to audit the poor — their returns are very simple and the bulk of IRS audits in recent years have been of alleged fraud in the earned income tax credit (a negative income tax...
...In the fiscal year ended September 2022, the 708,309 audits that the IRS did finish resulted in $30.2bn in recommended additional tax....
...The IRS mostly lacks the money to investigate the heavily lawyered wealthy, so most of its audits now are of people on lower incomes....
...Richard Neal, the committee’s Democratic chair, said one finding was that the IRS under Trump had not complied with a legal requirement dating back to Richard Nixon’s presidency to perform a mandatory audit...
...The IRS budget has declined steeply in real terms to the point where it has scant ability to audit wealthy taxpayers. The US is thus losing revenue on taxes it is owed....
...Janet Yellen, Treasury secretary, has instructed Rettig not to use the additional resources to increase the number of audits for households making less than $400,000 annually....
...Richard Neal, the Democratic chair of the ways and means committee, has justified the pursuit and release of Trump’s tax returns on the grounds that the IRS failed to perform a mandatory audit of the ex-president...
...The IRS has just had $80bn added to its budget and is itching to spend it. The nuclear option would be for the US Congress to step in....
...By contrast, the share of middle-class Americans subjected to IRS audits has risen sharply because they are cheap and easy to do....
...The audit rate has dropped 54 per cent for large companies and 71 per cent for millionaires....
...Now, the Regime is getting another 87,000 IRS agents to wield against its adversaries.”...
...Its objective was to “make compliance easier for well-meaning taxpayers, allow the IRS to more successfully audit aggressive taxpayers, and raise revenue in a progressive manner”....
...Audits of the poorest are usually automated....
...The Treasury said under the president’s proposals, audit rates would not rise for people making less than $400,000 a year....
...And third, expanding and reforming the IRS audit process would make it better targeted and more efficient. It would also be faster and easier for taxpayers to deal with....
...Third, due to massive underinvestment in the IRS the rate of audit of US corporations has fallen by at least 50 per cent in the last decade....
...The IRS, however, has said there was no rule preventing returns that were still under audit from being shared with the public....
...audits of high-earners (NYT) DSV Panalpina to buy Agility’s logistics arm for $4.1bn (FT) Abrdn hopes rebrand will be more Accenture than Consignia (FT) Tesla’s publicity nightmare in China comes at...
...In 2019, Mr Trump’s IRS commissioner, Charles Rettig, said there was no rule preventing individuals releasing their taxes if they were under audit....
...under audit....
International Edition