The Senate approved nearly $80 billion in IRS funding with $45.6 billion for 'enforcement.' Here's who may be affected by more audits.
Overall, IRS audits plunged by 44% between fiscal years 2015 and 2019, according to a 2021 Treasury Inspector General for Tax AdministrationWhile audits dropped by 75% for Americans making $1 million or more, the percentage fell by 33% for low-to-moderate income filers claiming theOur biggest worry in this is that the burden for these audits will land on Walmart shoppers.
"The resources to modernize the IRS will be used to improve taxpayer services — from answering the phones to improving IT systems — and to crack down on high-income and corporate tax evaders who cost the American people hundreds of billions of dollars each year," according to a Treasury official.that the funding may cover about 87,000 employees, which has been widely reported.
"The majority of new employees will replace the standard level of staff departures over the next few years," the Treasury official said.Currently, the IRS uses software to rank each tax return with a numeric score, with higher scores more likely to trigger an audit. The system may flag a return when deductions or credits compared to income fall outside of acceptable ranges.
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