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IRS says its number of audits is about to surge. Here's who the agency is targeting.
(www.cbsnews.com)
Yay more money to spend on drones and bombs for Israel
this post was submitted on 02 May 2024
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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.
Well fuck me, I'm being audited and I'm broke.
Well, I was ready to be cynical, but this is pretty good stuff.
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.
And now back to the cynicism: We'll see how long it lasts. If Trump gets into office, the audits will all disappear.
Let me throw more cynicism there.
Wealthy individuals with total positive income of more than $10 million
Don't most of the 1% have little, if any, "income"? Don't they have shit like stocks or loans secured with stocks or other holdings?
I’ve moved in these circles, and people stretch rules obscenely, because “it’s legal until you’re audited.”
Dipshits like Musk and trump will take loans out on capital gains, and pay off the interest from older loans with them (and live on some of it,)
It’s why the stock market is so important to all of them. They need their assets- stock shares, private companies, real estate- to always go up.
The reality is though that people that do that are over-leveraged and have near-zero net worth. Which is exactly why Trump is having trouble securing those bonds.
Given recent moves they've made, I would assume this is also targeting actual groups, and not just carefully slicing to target nobody.
Plenty of them do have income, and when they say "positive income," that means they're going to ignore losses or other tax write-offs in this calculation. They're also targeting partnerships with assets over $10 million, which is huge
I think so, although CEOs definitely have high incomes.
I'm more positive about the corporate stuff.