IRS AUDITS FOR RICH TURNING AROUND
IRS audits for rich turning around. With the revelations in the Panama Papers and Pandora Papers of the rich, sports figures, and the world’s politicians using abusive tax shelters to hide billions of taxable dollars from the world’s governments, along with the increasing income inequality in the world, the governments of the world and in the United States have taken notice. The Biden Administration has a specific plan to increase the audits of the rich at the IRS. The funding is slowly trickling in to ramp up those audits and hold the rich accountable for past errors, including major penalties and interest. IRS audits for rich turning around.
IRS examinations of individual income tax returns declined from 2010 to 2019 across the board, but the trend was most pronounced for taxpayers with incomes between $200,000 and more, according to the U.S. Government Accountability Office. The report titles “Trends of IRS Audit Rates and Results for Individual Taxpayers by Income also included the GAO’s look into how the IRS deployed its audit personnel and other resources across taxpayer income levels. It was produced at the request of Rep. Bill Pascrell, D-NJ, who chairs the Subcommittee on Oversight at the House Ways and Means Committee. The subcommittee did scheduled a hearing on the matter. For all individual taxpayers, the average audit rate fell from 0.9% in 2010 to 0.25% in 2019, or by 72% the GAO found. When segmented by taxpayer income, all ranges declined, but not by the same amount. The rich most certainly had a steeper decline than the rest of the American population. As such, with the revelations of the Panama Papers and Pandora Papers, the issue became a political one, and the push for change then happened.
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