Transparency will be a key aspect of IRS audit practices, according to recently appointed IRS Commissioner Daniel Werfel. He told the U.S. Senate Finance Committee that details of the tax agency’s plans for using the $80 billion provided by the Inflation Reduction Act will be revealed soon. He also restated Treasury Secretary Janet Yellen’s commitment to not raising audit rates for small businesses and households making under $400,000, but instead to focus on “high-dollar noncompliance.” Objectives for the funding include improved taxpayer services, development of a highly skilled, diverse workforce, and pursuit of those “who do not follow the tax law.”
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