There Will Be A Surge In Audits, According To The IRS
IRS/CBS News
Due to the Biden administration’s significant funding boost, the Internal Revenue Service plans to dramatically increase audit procedures for big corporations, partnerships, and multimillionaires over the next three years.
In a recent press release, the IRS said it aims to nearly triple its audit rate to 22.6% for corporations with upwards of $250 million worth of assets in the 2026 tax year.
Audits in 2019 were 8.8%, a steep decrease over the 9.0% in 2018.
For complex partnerships with assets topping $10 million, the IRS said it intends to increase audit rates nearly 10-fold, to 1% in tax year 2026 — up from 0.1% in 2019.
