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INCREASED AUDIT RATES:
Under the Inflation Reduction Act, $46 billion dollars is going to be spent on hiring more enforcement agents, and keeping track of cryptocurrency taxes, which, as CBS explains – is a relatively new area of the IRS.
Of course, in a recent statement, Janet Yellen says that those earning under $400,000 won’t have anything to worry about, and that “new funding will crack down on tax evaders among the wealthy and large corporations, invest in technology upgrades that help taxpayers, and hire more customer support staff to prevent backlogs.”
A further clarification explains that “those 87,000 employees will not all be hired at the same time, will not all be auditors and, in many cases, will be replacing employees who are expected to quit or retire.”
HOWEVER, others disagree, pointing out that – just this year alone – audit rates have more than DOUBLED for those making above $100,000 per year, suggesting that, most likely, those earning under $400,000 will ALSO be scrutinized by the IRS at a higher pace than before.
Some argue that “Americans who earn less than $75,000 per year are slated to receive 60% of the additional tax audits,” while the other side says that “those making under $400,000 aren’t the target”…although, from what I could gather…the truth is PROBABLY somewhere in the middle.
What we DO know is that “the bill states that it is not “intended” to increase rates for taxpayers who aren’t in the top 1% of earners,” – even though, they COULD be subject to increased audit rates.
The other thing we know is that IRS funding has declined – SUBSTANTIALLY – since 2010, meaning that – most likely, an increased budget is NOT going to take us above levels that we haven’t ALREADY seen in the recent past.
In fact, The Treasury for Tax Policy went on record to say that: “The proposal would return audit rates to the levels of about 10 years ago; the rate would rise for all taxpayers, but higher-income taxpayers would face the largest increase”
In terms of their hiring, he then explained that “over half of the IRS staff — 50,000 — is eligible for retirement in the next five years, and that much of the funding for new employees will be focused on mitigating that attrition and adding customer service.”
We also know that roughly $200 billion dollars is uncollected due to noncompliance and an inability to audit the complicated returns…so, there needs to be a change, SOMEWHERE, to bring revenue in-line with expectations.
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