Due to the Biden administration’s significant funding boost, the Internal Revenue Service plans to dramatically increase audit procedures for big corporations, partnerships, and multimillionaires over the next three years.
In a recent press release, the IRS said it aims to nearly triple its audit rate to 22.6% for corporations with upwards of $250 million worth of assets in the 2026 tax year.
Audits in 2019 were 8.8%, a steep decrease over the 9.0% in 2018.
The...