Is Your Income Over $400K? Brace for More Audits as IRS Lowers Audit Target
The IRS is taking a significant step to focus its auditing efforts on higher-income earners. This change aims to improve tax compliance and ensure that the wealthiest individuals pay their fair share. Here’s what you need to know about this shift and how it might impact you. Understanding the Change In May 2024, the IRS […]
High-Income Earners—The IRS is Watching You!
The IRS is taking a closer look at higher-income taxpayers after coming under sharp criticism in Congress over its lagging audit numbers. Recent reports found that audit rates were lower for wealthier taxpayers. This is partly because, for lower-income and Earned Income Tax Credit (EITC) taxpayers, the IRS is often able to use automated technology […]
