The Daily Populous Saturday May 4th, 2024 night edition
Authored by cnbc.com and submitted by Naurgul

Internal Revenue Commissioner Danny Werfel speaks during his swearing in ceremony at the IRS in Washington, D.C., on April 4, 2023.

The IRS has released an update on its strategic operating plan, which outlines "major accomplishments" in taxpayer service, technology and enforcement since its infusion of funding less than two years ago.

Emphasizing key focus areas, the agency on Thursday highlighted the need for sustained funding, including a $104 billion proposal to extend Inflation Reduction Act funding through fiscal 2034.

The agency also renewed its focus on "tax fairness" with plans to increase audits on the wealthiest taxpayers, large corporations and complex partnerships.

The Fed holds rates steady. What that means for your high-interest bills

Treasury Department: Series I bond rate is 4.28% through October 2024

'It's a good time to lock in,' expert says. How to get the best rates on cash

"This update also reflects our ongoing effort to make sure we focus compliance resources where they need to be," IRS Commissioner Danny Werfel told reporters on a press call.

The IRS aims to more than double the audit rate for the wealthiest taxpayers with total positive income of more than $10 million by tax year 2026. This would bring the audit rate for these individuals to 16.5% in 2026, compared to 11% in 2019.

The agency also plans to "nearly triple audit rates" on large corporations with assets over $250 million and boost audit rates "by tenfold" for large, complex partnerships with assets over $10 million, Werfel said.

Landon-Red on May 3rd, 2024 at 15:27 UTC »

> It also plans to nearly triple audit rates on large corporations with assets over $250 million and boost audit rates by tenfold for large, complex partnerships with assets over $10 million.

This would also be great.

SuperGenius9800 on May 3rd, 2024 at 15:27 UTC »

$15 an hour MAGAs will lose their minds over this.

BlotchComics on May 3rd, 2024 at 15:23 UTC »

> wealthiest taxpayers with total positive income of more than $10 million

Fox News tonight: "Democrats plan to use the IRS to go after middle class families."