"These resources are absolutely not about increasing audit scrutiny on small businesses or middle-income Americans. As we've been planning, our investment of these enforcement resources is designed around the Department of the Treasury's directive that audit rates will not rise relative to recent years for households making under $400,000," wrote IRS commissioner Charles Rettig in an August 2022 letter to concerned senators.
Janet Yellen was even more adamant. "Contrary to the misinformation from opponents of this legislation, small business or households earning $400,000 per year or less will not see an increase in the chances that they are audited," she wrote in a letter to Rettig.
STILL BELIEVE THEM? I DON'T.
The sun rises and sets. Democrats lie. It’s the way of things. But also notice that the GOP didn’t remove the funding for the 80,000 new IRS agents.
My financial planner who's also a CPA, Certified Financial Planner, etc.. flat-out told me last week that the #1 target for the IRS is single males making $250k/year or more.
That's people like me.
In the past 5 years, I've been subject to IRS "mistakes" that triggered audits.
In one case, the IRS sent me a bill for $103k in taxes on the sale of my previous home. A tax bill of $103k on a home that sold for $300k, which I lived in for 30 years AND due to someone at the IRS fat-fingering something, triggered an audit. Under IRS rules, None of that was taxable.
The other case was their failure to properly record taxes paid and reported, triggering another audit with a demand for $57k. Once again, IRS "mistake".
I don't see how another 80,000 agents gets justified with mistakes like this. In fact, they'll probably get WORSE! I frankly think that the IRS makes these "mistakes" intentionally to trigger audits.
Dems. If they’re talking, they’re lying.
L
Last week Mrs. Sooner and I were visiting with out new accountant. I asked her about this very thing and she first blew it off as a political question, then asserted that they’re going after old, outstanding tax debt.
Driving home, I told my wife that I just don’t trust this new person the way I trusted Pam, her predecessor, who is no longer available to us.
If they ever audit me I’m showing up to the audit meeting with a Glock. Admin/Moderator I’m not condoning violence, I’m just stating a fact.
The republican congress keeps funding them and the FBI. Somebody tell me why I should vote for anybody but Trump? I guess if I lived in Kentucky I’d vote for Rand. Congress creeps are the filthiest, lowest scumbags on earth.
I am an attorney, but in the early part of my career, I was also a CPA doing taxes. Around 1990, I worked for a small tax law firm in New York City. We got a tremendous number of notices from New York City for our clients to pay small amounts of money, nobody over $250, with the majority under $100, that we knew were completely unjustified. However, we told our clients that from a practical point of view, even though they would prevail, they would spend more money in fees with us than it would be to simply pay the phony tax and penalties. This was extortion, nothing less. We did have one or two clients who decided to fight New York City on principal, and they won their cases despite losing over $1000 each in fees (and note that these clients each had annual incomes of over $400,000, nearly 35 years ago - IOW, rich people who could afford to fight on principle’s). I honestly think there should’ve been a class action suit against New York City for what they did, but none ever materialized. I wonder how many millions of additional revenue the city stole from its residents.
The simple fact is that even though it’s the government, they still do operate somewhat according to business principles. They are not going to put resources where they don’t produce revenue. Thus, they will not go after very poor people, because there’s no money there. As the article mentioned, they won’t go after the very wealthy, because they will spend far more of their own resources (labor) than they will get in anticipated extra tax revenues. The big money has always been with the middle class, and that won’t change unless the Communists succeeded in completely destroying the middle class. But they haven’t done so yet, so that’s where the IRS is going to concentrate its resources. This is not a surprise , it is not unexpected, it is par for the course.