Flush with $80 billion in new funding, the IRS is aiming to ramp up audits of wealthy taxpayers and large corporations.
Mandel Ngan / AFP via Getty ImagesFlush with $80 billion in new funding, the IRS is aiming to ramp up audits of wealthy taxpayers and large corporations, according to ait released Thursday. The 150-page plan also includes a lengthy list of proposed changes intended to improve customer service, upgrade the agency’s notoriously outdated computer systems, boost hiring and even “explore making it easier” to file tax returns directly with the IRS for free.
Until a spurt of funding during the early pandemic and then the passage of the Inflation Reduction Act, the IRS had been hobbled by a decade of budget cuts, causing audit and enforcement rates to plummet. As the report notes: “Taxpayers earning $1 million or more were subject to an audit rate of just 0.7% in 2019 — a sharp decline from 7.2% in 2011. We will increase enforcement for high-income and high-wealth individuals to help ensure they are paying the taxes they owe.
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
IRS Plan to Spend $80 Billion Includes Real-Time Tax Alerts, Audits of Wealthy PeopleThe IRS unveiled its strategic plan, promising to shift more taxpayer interactions onto digital platforms and add thousands of new enforcement staffers to audit wealthy people and corporations
Lire la suite »
IRS reveals plans to spend $80 billion in new cashThe IRS released a 10-year plan Thursday outlining how it plans to spend the $80 billion in new money Democrats pumped into the tax agency as part of last year’s climate change budget law, promising the cash will help go after high-dollar tax cheats and fix the agency’s abysmal customer service.
Lire la suite »
IRS Reveals $80 Billion Overhaul, Including Plans to Go After Wealthy Tax EvadersThe Internal Revenue Service on Thursday released its $80 billion plan to overhaul the agency into a “digital first” tax collector that provides “world class” service.
Lire la suite »
U.S. IRS to hire nearly 30,000 staff over two years with $80 bln in new fundsThe U.S. Internal Revenue Service plans to hire nearly 30,000 new employees and deploy new technology over the next two years as it ramps up an $80 billion investment plan to improve tax enforcement and customer service, it said on Thursday .
Lire la suite »
IRS releases $80 billion spending plan, stressing no increased audits for middle classThe IRS released its plan on Thursday for spending the $80 billion in new funding provided by the Democratic Inflation Reduction Act, emphasizing that it won’t be used to drive up audits on the middle class.
Lire la suite »
Here's how the IRS plans to spend its $80 billion in extra fundingThe IRS released details on how it plans the $80 billon it's getting to improve operations, promising investments in new technology, hiring more customer service representatives and expanding its ability to audit high-wealth taxpayers.
Lire la suite »