IRS Report Announces Major Changes on Who It Is Targeting for Audits
The Internal Revenue Service (IRS) is planning to spend tens of billions of dollars to audit wealthy taxpayers and corporations, according to the agency’s strategic operating plan released Thursday.
“People who get W-2s or Social Security payments or have a small business should not be worried about a sudden new wave of IRS audits,” IRS Commissioner Danny Werfel told reporters on Thursday about the agency’s plans. “We’re taking that off the table. Our focus will be on other high dollar areas for quite some time because there’s a lot of work to do in those more complex areas of tax law that will take years to accomplish.”…