The Internal Revenue Service is going after hedge funds, large law firms, partnerships and more millionaires, the tax agency’s commissioner said.
The Internal Revenue Service is going after hedge funds, large law firms, partnerships and more millionaires as its compliance clampdown continues, the tax agency’s commissioner said.
“These are sweeping and historic changes that will alter the landscape of our compliance work,” IRS Commissioner Danny Werfel told reporters Thursday evening. — IRS Commissioner Danny Werfel Audit rates by the increasingly short-staffed and cash-strapped IRS have been dropping in recent years for all income levels, but particularly for extremely rich taxpayers.
“IRS will renew efforts to audit hedge funds, real-estate investment partnerships, publicly-traded partnerships and large law firms.” The Inflation Reduction Act, which was enacted in August 2022, included $80 billion to upgrade staffing and raise the number of audits for businesses and rich taxpayers. The money will not be used to increase enforcement on households making under $400,000, Biden administration officials said.
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