During his administration, former President Biden repeatedly promised higher IRS audit rates for wealthy, but not middle-income, taxpayers. Recently released IRS data suggests he kept his word. For tax returns filed in 2023 and audited in 2024, the audit rate was 0.8% for all taxpayers. But those making over $500,000 were audited at twice the rate they had been in previous years. It’s important to note that audits can take up to three years and that statistics for audits conducted during the Biden administration could change. For example, recent IRS personnel reductions and funding clawbacks by Republican lawmakers could curtail audits not yet complete.
Our Blog 