The Internal Revenue Service (IRS) hopes to rake in an extra $100 billion in revenue over the next ten-years. During this time, the audit rates of average taxpayers will not increase,” the IRS’ new commissioner, Danny Werfel said. “People who get W-2s or Social Security payments, or have a small business, should not be worried about some new wave of IRS audits. The focus will be on taxpayers earning more than $400,000 in a year, which will include wealthy individuals and large corporations. It is also about increasing tax enforcement for wealthy & complex tax evaders who today do not pay what they owe.

Source: Wall Street Journal April 08, 2023 13:34 UTC