IRS will audit more high-income taxpayers and large corporations. Here’s what that means

Wealthy non-filers are a major contributor to the country’s tax gap, the agency says. But new funding from the IRA will help change that.

The Internal Revenue Service (IRS) last week released an annual update on its Inflation Reduction Act (IRA) Strategic Operating Plan. The guide was originally published in April 2023 and outlines the agency’s plans to improve tax administration services following the passage of the IRA in 2022, which will provide the IRS with tens of billions in additional funding over the next decade.