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Davidson News

IRS Turbocharges Tax Enforcement Targeting the Wealthy, Expanding Workforce

IRS Intensifies Tax Audits Targeting Wealthy Individuals and Corporations

Tax Crackdown: IRS Focuses Audits on High-Income Earners and Large Businesses

According to CBS NEWS, The IRS is getting ready to check Americans’ taxes more closely to catch those who are not paying what they owe. But not everyone will get looked at more. The IRS boss Danny Werfel, says they got a lot of money $80 billion from a new law signed by President Biden in 2022. This money is to help fix the IRS which has been having problems helping Americans because it didn’t have enough workers.

Even though the IRS plans to check more tax returns over the next three years they say they won’t bother Americans who earn less than $400,000 a year. They’re going after the big guys like rich Americans and big companies. They’re going to look extra close at companies with lots of money like more than $250 million in assets. Also they’re going to check partnerships with more than $10 million in assets. And rich Americans who make over $10 million a year will have a bigger chance of getting checked too.

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IRS Turbocharges Tax Enforcement Targeting the Wealthy, Expanding Workforce (PHOTO: Tonneson)

IRS Plans to Increase Workforce Amid Tax Crackdown, Focusing on Replacement Hires

The IRS is also going to hire more Americans. Over the years, many workers retired and there wasn’t enough money to replace them. Now the IRS wants to have about 102,500 workers in a few years, up from around 90,000. But Werfel wants to make it clear that they’re not trying to make the IRS huge; they’re just replacing the folks who retired. Some politicians were worried the IRS would hire a ton of new agents with all this money but Werfel says that’s not happening.

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