Posted on 01/09/2023 10:46:38 AM PST by nickcarraway
White House argues that Inflation Reduction Act will increase audits against millionaires
A study of 2022 IRS tax audit data found that a taxpayer in the lowest income bracket is five times more likely to face an audit that would a member of the highest income bracket.
"The IRS correspondence audit process is structured to expend the least amount of resources to conduct the largest number of examinations – resulting in the lowest level of customer service to taxpayers having the greatest need for assistance," National Taxpayer Advocate Erin M. Collins said of the report during an annual report to Congress.
The Transactional Records Access Clearinghouse (TRAC) at Syracuse University examines internal IRS management reports each month, and the group noticed different trends by reviewing 2022 data. Most notably, the group looked at audits, particularly considering the agency relying more heavily on automatically produced letters sent to taxpayers.
(Excerpt) Read more at foxnews.com ...
The poor get the Earned Income Tax Credit (estimated 25% or more fraudulently) and the Additional Child Tax Credit - also a high fraud item. The wealthy use CPAs and there isn’t a lot of obvious fraud there.
Are you going to go after people that have Accountants and Tax Attorneys on retainer, or people with no resources to hire anyone for anything??
Long past time to crack down on fraudulent claims for EITC and the rest of the welfare giveaways. No sympathy from me.
marching orders to the IRS to protect the political donor class, I presume
I’m shocked!
rich people can afford to hire lawyers and accountants to fight against the IRS. Most of the rest of us will just pay whatever the IRS claims we owe.
Nah. Joe said not. Just like ElPaso has no border problems.
How many of those untouched Millionaires are members of Congress?
Defund the police? Are you kidding me? Defund the IRS and the Federal government while you’re at it. I know it won’t happen in my lifetime but I’ll do everything I can to hide my money and resources. F em.
In June this past year, I got a promotion with a pretty hefty salary increase. I’m waiting to see how badly I’m going to get screwed since I should have spoken to a financial planner and just kept forgetting….
They targeted all of us, they just hurt the poor the most like always.
Just another side benefit of anarcho-tyranny.
Could still be time for some catch up IRA 401k donations.
the rich get professionals to do their taxes correctly, while the poor tend to their own and are thus more likely to make a mistake that might get themselves audited.
IRS Targeted Poorest Taxpayers While Millionaires Went Mostly Unscathed in 2022:
Report:
Fox News ^ | January 7, 2023 | Peter Aitken
Mandatory retirement for accountants in the big CPA firms, and just tired of the B$ is taking a big toll on CPA’s.
This may be the last year for our 30+ years CPA. He is in his early 60’s.
“At what age do most CPAs retire?”
The main reason for this is that most CPA firms require equity partners to sign a formal partnership agreement. In the Big 4, typical retirement age is 58 to 60. For local and regional firms it’s 65 or 66.
Ping
Of course, lots of people are “low income” only by virtue of not reporting their real income...
This is not news. This is an annual event.
You still have plenty of time to make tax related decisions before the 2023 tax day unless you have complex taxes. You can still make a 2022 IRA contribution before tax day. etc.
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