IRS announces more audits for certain groups of taxpayers

The Internal Revenue Service announced that several groups of taxpayers will be more likely to face audits in the coming years.

The IRS said 22.6% of large corporations with assets over $250 million will face an audit in tax year 2026. As of 2019, 8.8% of these corporations were audited. Individuals with incomes of over $10 million will face a 16.5% chance of being audited in 2016, which is up from 11% in 2019.IRS outlines intended targets for enhanced audits Justin Boggs 9:22 AM, Sep 08, 2023 The agency said it would fulfill its pledge not to increase audit rates on those making less than $400,000.

"The changes outlined in this report are a stark contrast to the years of under-funding that deteriorated taxpayer service and tax enforcement, frustrating taxpayers, the tax community and IRS employees alike," IRS Commissioner Danny Werfel said."The funding provided by the Inflation Reduction Act creates a unique opportunity to realize a future of tax administration that meets the evolving needs of taxpayers.

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