More IRS audits are ahead, but for whom? That is the question asked by U.S. House Ways and Means Committee Chair Jason Smith (R-MO) in a letter to the Acting IRS Commissioner. Smith requested to see a plan for allocation of the $80 billion provided to the IRS by the Inflation Reduction Act. He noted that Treasury Secretary Janet Yellen has repeatedly suggested that audit rates wouldn’t rise for taxpayers making less than $400,000. But the Congressional Budget Office stated to him in a letter that “audits and enforcement actions will in fact increase” for some of those taxpayers. Yellen has asked the IRS for a plan by Feb. 17, 2023, “in response to calls for transparency from both parties.”
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