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Started By
Message
Pucker up your buttholes, IRS to jack up audits
Posted on 5/4/24 at 2:35 pm
Posted on 5/4/24 at 2:35 pm
LINK
quote:
The IRS says it is about to ramp up audits as it cracks down on tax cheats and seeks to deliver more revenue into the U.S. Treasury's coffers.
The IRS has been bolstered by $80 billion in new funding directed by the Inflation Reduction Act (IRA), which was signed into law in 2022 by President Joe Biden.
At the same time, the IRS is increasing its audit efforts, with Werfel noting on Thursday that the agency will focus on wealthy individuals and large corporations:
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.
But by focusing on big corporations, complicated partnerships and wealthy people who earn over $10 million year, the IRS wants to send a signal, he noted.
Posted on 5/4/24 at 2:36 pm to LSUDVM1999
aren't more every day, normal people being audited though?
Posted on 5/4/24 at 2:37 pm to LSUDVM1999
“large corporations”
This post was edited on 5/4/24 at 2:46 pm
Posted on 5/4/24 at 2:48 pm to LSUDVM1999
quote:
Audit rates for these companies will rise to 22.6% in tax year 2026 from 8.8% in 2019.
Jesus
Posted on 5/4/24 at 2:49 pm to LSUDVM1999
Imagine being proud of this trash.
Posted on 5/4/24 at 2:50 pm to LSUDVM1999
We all knew it was coming. Small businesses are the enemy of the global movement.
Posted on 5/4/24 at 2:51 pm to LSUDVM1999
quote:
"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.
100% a lie
Posted on 5/4/24 at 2:51 pm to LSUDVM1999
I will bet my left nut that no Dem politicians or donors that fall in those categories will get audited.
Posted on 5/4/24 at 2:54 pm to LSUDVM1999
More reason to use standard deductions and ensure you have documentation on things being deducted past that like child care or student loan interest.
Not that the IRS aren’t shitbags but it is hard for them to find much on a standard return outside of claiming dependents who don’t exist or are on someone else’s return.
Not that the IRS aren’t shitbags but it is hard for them to find much on a standard return outside of claiming dependents who don’t exist or are on someone else’s return.
Posted on 5/4/24 at 2:59 pm to LSUDVM1999
quote:Means-tested morality.
Wealthy individuals with total positive income of more than $10 million will see their audit rates rise
Posted on 5/4/24 at 3:01 pm to LSUDVM1999
Yay, criminalize and confiscate from those who work to feed their families!
Let's go Brandon!
Let's go Brandon!
Posted on 5/4/24 at 3:05 pm to LSUDVM1999
We know this happened because of the Biden administration but who is the one who makes this happen exactly?
I mean it wasn’t Joes dumbass who decided this but someone.
I mean it wasn’t Joes dumbass who decided this but someone.
Posted on 5/4/24 at 3:17 pm to LSUDVM1999
I’m love to see the political party distribution of the increased audits.
Wonder if a lot more Republicans will get audits than Democrats
Wonder if a lot more Republicans will get audits than Democrats
Posted on 5/4/24 at 3:24 pm to LSUDVM1999
Gotta find some more tax money with all these colonoscopies to send to Ukraine
Posted on 5/4/24 at 3:40 pm to LSUDVM1999
I received the results of the IRS audit of our 2023 filing in the mail today. My wife just scanned it and sent it to me 20 minutes ago. Because of a once in a lifetime event, we fit the description in the article cited. The result of the audit is a little over $800,000 in additional taxes, penalties and interest.
I’m sure our accountants will fight it, and we will probably win because the IRS auditors are nitwits. But they have already begun the ramp up discussed in your source.
I’m sure our accountants will fight it, and we will probably win because the IRS auditors are nitwits. But they have already begun the ramp up discussed in your source.
Posted on 5/4/24 at 3:41 pm to LSUDVM1999
Makes sense. Corporations, as well as the rich, need to pay their fair share
Posted on 5/4/24 at 3:50 pm to LSUDVM1999
quote:
Audit rates for these companies will rise to 22.6% in tax year 2026 from 8.8% in 2019.
It almost like this exact number is the percentage of companies who donate to conservative causes.
Posted on 5/4/24 at 3:53 pm to LSUDVM1999
$80 billion here, $100 billion there yet we cannot get $ Billion to secure the borders.
Total breakdown of the US society as we head into total totalitarianism and the Hunger Games with a very small % of corrupt freaks controlling every aspect of our lives.
Total breakdown of the US society as we head into total totalitarianism and the Hunger Games with a very small % of corrupt freaks controlling every aspect of our lives.
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