Monday March 13, 2023 – The Administration has been clear (??) the Inflation Reduction Act funding to the IRS, almost $80 billion, will not be used to Audit those making less than $400,000 per year. Or will it.
Last week the new Commissioner of the IRS said, I think unequivocally, that the Inflation Reduction Act money will not be used to audit those taxpayers. But, on Friday March 10th, Treasury Secretary Yellen appeared before the House Ways and Means Committee and admitted that more than 90% of any new audits supported by that money will be used to audit small businesses and individuals making less than $400,000 per year.
If you listened closely over these past months, you knew this was the case. There was always some “wiggle room,” as Senator Crapo put it. And trying to get a straight answer was always met with obfuscation.
Now, I think the truth is out. Will it make a difference?
Attorney Steven A. Leahy goes over this new information on Today’s Tax Talk.