The IRS' inspector general is out with a new report finding that the tax agency gets more bang for its buck by going after the wealthiest taxpayers -- a finding that undercuts President Biden's approach to expanding audits.
This March 22, 2013, photo, shows the exterior of the Internal Revenue Service building in Washington. **FILE**The IRS’ inspector general is out with a new report finding that the tax agency gets more bang for its buck by going after the wealthiest taxpayers — a finding that undercuts President Biden’s approach to expanding audits.
“However, we found that examinations of returns with more than $10M in income done by certain IRS functions are more productive than those between $400K and $10M,” the inspector general said in a statement accompanying the report. “Our analysis of the average dollars assessed per return and per hour at the various ranges shows that the SB/SE Division examinations of returns with TPI of $10 million or more are more productive than returns with the lower TPI ranges,” the inspector general said. “SB/SE management stated that this is because returns with TPI of $10 million or more tend to have larger issue adjustments and therefore higher recommended tax amounts.
The IRS infusion was supposed to pay off with a large return on investment in better tax compliance — and it also serves as part of Mr. Biden’s messaging that wealthy taxpayers need to be forced to pay up. The Trump administration in early 2020 set a $10 million framework and asked the IRS to audit 8% of taxpayers at that level of gross adjusted income.By 2021, audits of taxpayers with incomes of $10 million were down, with preliminary figures showing it below 3% as of last fall.
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