Exclusive Content:

Harnessing AI in a significant manner in the field...

CAG of India Embraces Artificial Intelligence for Public...

Ex-Ohio University Student Receives Sentence for Aggravated Theft and...

Former Ohio University Student Sentenced for Aggravated Theft...

Clarence Thomas updates financial disclosure to include trips funded...

Supreme Court Justice Clarence Thomas's Financial Disclosure Form...

Elizabeth Warren Commends IRS Audits on Middle-Class Taxpayers

Elizabeth Warren Commends IRS Audits on Middle-Class Taxpayers

IRS Targeting Middle-Income Earners for Mass Audits Despite Promises to Focus on the Rich

The IRS is under fire for using a new army of tax collectors to conduct mass audits of middle-income earners, despite promises from Democrats that additional resources would only be used to target the rich. Senator Elizabeth Warren celebrated the agency’s collection of over $1 billion in taxes from high-wealth taxpayers, but a columnist pointed out that two-thirds of IRS audits initiated last year were on taxpayers making less than $200,000.

The Wall Street Journal reported that 63 percent of new government inquiries were to middle-income earners making less than $200,000, with only a small share reaching the highest earners. Congress beefed up the IRS with 86,000 new tax collectors in the 2022 “Inflation Reduction Act,” but questions remain about how the agency will ensure audits are not unfairly targeting lower-income Americans.

Despite assurances from Treasury Secretary Janet Yellen that households earning $400,000 or less would not see an increase in audits, reports show that the IRS continues to target middle- and lower-income Americans for the majority of audits. A report from Syracuse University revealed that the IRS already audits the poorest Americans at a rate five times higher than other Americans.

The expansion of the IRS was meant to empower the agency, but critics argue that it is disproportionately targeting middle- and lower-income Americans. With nearly 100,000 new auditors on board, the chances of being audited have increased for everyone, raising concerns about fairness and transparency in the tax collection process.

Latest

Harnessing AI in a significant manner in the field of public auditing: The arrival of artificial intelligence

CAG of India Embraces Artificial Intelligence for Public...

Ex-Ohio University Student Receives Sentence for Aggravated Theft and Fraud Charges

Former Ohio University Student Sentenced for Aggravated Theft...

Clarence Thomas updates financial disclosure to include trips funded by Harlan Crow

Supreme Court Justice Clarence Thomas's Financial Disclosure Form...

Top 20 Chartered Accountant Firms in Mumbai for Articleship

Top 20 CA Firms in Mumbai for Articleship...

Newsletter

Don't miss

HKA expands forensic accounting and commercial damages practice with three new experts

HKA Welcomes Three Experts to Forensic Accounting and...

Delta Air Lines CEO Challenges the Economic Tactics of Budget Airlines

Delta Air Lines CEO Critiques Low-Cost Carriers Amid...

Harnessing AI in a significant manner in the field...

CAG of India Embraces Artificial Intelligence for Public Expenditure Quality Enhancement New Delhi: The Comptroller and Auditor General of India (CAG) Girish Chandra Murmu...

Top 20 Chartered Accountant Firms in Mumbai for Articleship

Top 20 CA Firms in Mumbai for Articleship Training Are you a budding Chartered Accountant looking for the best firms in Mumbai to kickstart...

Investing.com reports OLB Group’s auditor change and internal control...

OLB Group Reports Change in Certifying Accountant and Material Weaknesses in Internal Controls The OLB Group, Inc., a business services provider, has recently made...