IRS says its number of audits is about to surge. Here's who the agency is targeting.
IRS says its number of audits is about to surge. Here's who the agency is targeting.
The IRS is tapping Inflation Reduction Act funding to hire more agents and go after more tax cheats. Here's where it is focusing.
Well, I was ready to be cynical, but this is pretty good stuff.
The IRS plans to triple the audit rates on large corporations with assets of more than $250 million. Audit rates for these companies will rise to 22.6% in tax year 2026 from 8.8% in 2019.
Large partnerships with assets of more than $10 million will see their audit rates increase 10-fold, rising to 1% in tax year 2026 from 0.1% in 2019.
Wealthy individuals with total positive income of more than $10 million will see their audit rates rise 50% to 16.5% from 11% in 2019.
And now back to the cynicism: We'll see how long it lasts. If Trump gets into office, the audits will all disappear.
Let me throw more cynicism there.
Wealthy individuals with total positive income of more than $10 million
Don't most of the 1% have little, if any, "income"? Don't they have shit like stocks or loans secured with stocks or other holdings?
Plenty of them do have income, and when they say "positive income," that means they're going to ignore losses or other tax write-offs in this calculation. They're also targeting partnerships with assets over $10 million, which is huge
I think so, although CEOs definitely have high incomes.
I'm more positive about the corporate stuff.
Dipshits like Musk and trump will take loans out on capital gains, and pay off the interest from older loans with them (and live on some of it,)
It’s why the stock market is so important to all of them. They need their assets- stock shares, private companies, real estate- to always go up.
The reality is though that people that do that are over-leveraged and have near-zero net worth. Which is exactly why Trump is having trouble securing those bonds.
Given recent moves they've made, I would assume this is also targeting actual groups, and not just carefully slicing to target nobody.
I’ve moved in these circles, and people stretch rules obscenely, because “it’s legal until you’re audited.”
The IRS plans to triple the audit rates on large corporations with assets of more than $250 million. Audit rates for these companies will rise to 22.6% in tax year 2026 from 8.8% in 2019.
Large partnerships with assets of more than $10 million will see their audit rates increase 10-fold, rising to 1% in tax year 2026 from 0.1% in 2019.
Wealthy individuals with total positive income of more than $10 million will see their audit rates rise 50% to 16.5% from 11% in 2019.
"There is no new wave of audits coming from middle- and low-income [individuals], coming from mom and pops. That's not in our plans," Werfel said.
Well fuck me, I'm being audited and I'm broke.
Haha! Joke’s on them! I spent part of 2022 and most of 2023 living on €38.80 a week and the equivalent of food stamps, while in a foreign country, because someone made threats against my life. Also, good luck to them in finding my spouse for that audit. He’s been missing for about seven years. Oh, and it gets better, we lost the home we bought on loan in 2017. I’m still paying off debt from a trailer I bought I after that, as my only means of providing housing for my two kids. That got repossessed, and my mother has my children. I didn’t even legally have to file taxes for the 2023 year because my life looked that bad in terms of the few American paychecks I had collected, after finding work when I returned to America. The real kicker is, I’m still paying off $30,000 in debt from the trailer and credit cards that were used to keep myself alive after leaving my job and having my spouse leave me. If they audit us, I won’t need to hire a private investigator to find my husband ( file for spousal abandonment again). The feds can do it for me for free! God bless America!
Yay more money to spend on drones and bombs for Israel