International Revenue Service to Ramp Up Tax Audits on Big Corporations and High Earners
Biden Administration Boosts International Revenue Service Funding to Ensure Tax Compliance
According to the New York Post, the International Revenue Service is getting ready to check more closely on big companies, partnerships, and rich individuals. International Revenue Service is planning to increase the number of audits which is when they look carefully at someone’s taxes, by a lot. For example, the International Revenue Service wants to almost triple the audit rate for big companies with assets over $250 million by 2026. The idea is to make sure everyone is paying their fair share of taxes.
This change is happening because the International Revenue Service got a big boost in funding from the Biden administration. With this extra money, they’re planning to update their systems and hire more people to help with audits. However, they’re assuring regular Americans, those earning less than $400,000, that their audit rates won’t go up. Still, some people are worried that more audits might feel like harassment leading to disagreements over funding between political parties.
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International Revenue Service Set to Triple Audit Rates for Big Corporations, Partnerships, and High-Income Individuals with $80B Funding Boost – What you Need to Know! (PHOTO: Politico)
International Revenue Service Bolsters Staff to Enhance Tax Compliance
Furthermore, the International Revenue Service is getting ready to hire more staff to carry out these audits and provide better service to taxpayers. International Revenue Service wants to make sure everyone is following the rules when it comes to taxes. Even though there are concerns about funding cuts from some politicians, the International Revenue Service is determined to improve tax compliance and narrow the gap between taxes owed and taxes collected. As these changes unfold, taxpayers should be prepared for more scrutiny from the International Revenue Service and take steps to ensure their taxes are in order.
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