IRS plans to more than double its audit rate of wealthy taxpayers [Video]

The IRS is planning to ramp up audit rates of wealthy Americans and large corporations as part of its sweeping effort to crack down on tax cheats.

The tax-collecting agency aims to increase the audit rates of taxpayers earning over $10 million by more than 50%. That will bring the audit rate for these individuals to 16.5% in 2026, compared with 10% in 2019. 

It also plans to nearly triple audit rates on large corporations with assets over $250 million, as well as increase the audit rates of business partnerships with assets over $10 million by tenfold.

THE IRS IS CRACKING DOWN ON CORPORATE JET USAGE BY WEALTHY AMERICANS, CORPORATIONS

“At the same time, the IRS continues to emphasize the agency will not increase audit rates for small businesses and taxpayers making under $400,000, and those rates remain at historically low levels,” the agency said.

Funding for the latest enforcement …