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IRS: More Audits on Wealthy

The Internal Revenue Service plans to increase the number audits of the wealthiest taxpayers and business organizations. The IRS emphasized it will not increase rates for small businesses and taxpayers making less than $400,000.

The agency’s updated Strategic Operating Plan, released this month, calls for tripling audit rates on large corporations with assets over $250 million to 22.6 percent in tax year 2026, up from 8.8 percent in tax year 2019.

The IRS also plans a ten-fold increase on audit rates on large, complex partnerships with assets over $10 million, going from 0.1% in 2019 to 1% in tax year 2026.

Audit rates will rise by more than 50 percent on wealthy individual taxpayers with total positive income over $10 million, with audit rates going from an 11 percent coverage rate in 2019 to 16.5 percent in tax year 2026.

Bob Scott
Bob Scott has provided information to the tax and accounting community since 1991, first as technology editor of Accounting Today, and from 1997 through 2009 as editor of its sister publication, Accounting Technology. He is known throughout the industry for his depth of knowledge and for his high journalistic standards.  Scott has made frequent appearances as a speaker, moderator and panelist and events serving tax and accounting professionals. He  has a strong background in computer journalism as an editor with two former trade publications, Computer+Software News and MIS Week and spent several years with weekly and daily newspapers in Morris County New Jersey prior to that.  A graduate of Indiana University with a degree in journalism, Bob is a native of Madison, Ind
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