this post was submitted on 01 May 2025
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The Accountant's Revenge (lemmy.world)
submitted 1 week ago by [email protected] to c/[email protected]
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[–] [email protected] 19 points 1 week ago (2 children)

As a rule of thumb the IRS won't audit anybody they can't recoup more from than the cost of the audit. Maybe $20,000 maybe $40,000.

Obviously, the number should be on the higher end because now the IRS is short staffed.

[–] [email protected] 8 points 1 week ago

Yeah this is the truth.

Bartender friend I knew bragged about how he always underpaid taxes. Guy was a UFO/lizard people run banks/illuminati kinda guy and even bought crypto and NFTs.

Well, he made big bank and quit bartending. Big show of it and bought everyone drinks for the whole night because he was practically a millionaire. (Assuming. Didn't really ask)

But came back last year because he needed to make money and constantly blames the IRS for taking everything.

[–] [email protected] 21 points 1 week ago* (last edited 1 week ago) (2 children)

They also won't audit you if your rich, so there is a nice middle-class sweet spot they can exploit. If your poor though, they may try to still come after you so they can throw you in jail for some of that cheap labor for tax evasion.

[–] [email protected] 1 points 1 week ago (1 children)

Yes, it's a rule likely based on amount and likelihood to recoup. There's no incentive to go after people who know how to cheat the system. You gotta go after the folks who don't know how to fight back.

[–] [email protected] 3 points 1 week ago

The current admin gutted the IRS specifically so they didn't have enough resources to go after the rich

[–] [email protected] 17 points 1 week ago (2 children)

Under the Biden administration, as a result of the inflation reduction act, the IRS audited the rich and saw large increases in revenue as a result.

As part of larger efforts taking place, the IRS has stepped up activity specifically on 1,600 individuals whose incomes were more than $1 million per year and who each owed the IRS more than $250,000 in recognized tax debt. Since last fall, this IRS compliance effort has generated more than $1 billion in collections from this group, with work continuing in this area.

~The IRS

[–] [email protected] 1 points 6 days ago

Thank you Mr. Trump for protecting the Millionaire and Billionaire class.

[–] [email protected] 7 points 1 week ago

Under the Biden administration, the IRS made a concerted effort to target the wealthy, aiming to double audit rates for those making more than $10 million a year and launching a campaign to investigate private-jet owners. Now, especially with the potential dismantling of the Department of Justice Tax Division, the tax enforcement ranks are rapidly dwindling.

“The agency is like a zombie right now,” said Kathleen Pakenham, partner at Vinson & Elkins, who handles corporate and high-net-worth tax cases. “There is no brain in charge of what’s happening on the ground.” -NBC News