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Subject of emergency alert message arrested - May 2, 2024 | SaltWire #dartmouth #update #suspectWASHINGTON - The Internal Revenue Service said on Thursday that it plans to sharply increase audit rates for big corporations, partnerships and multimillionaires over the next three years as it ramps up enforcement spending and hiring to boost collections.
The IRS said it intends to spend $7.25 billion of the Inflation Reduction Act funds in fiscal 2024, up from $3.4 billion in fiscal 2023. The agency's initial strategic operating plan called for fiscal 2024 spending at $5.8 billion. The Inflation Reduction Act funding was initially approved at $80 billion over a decade to modernize the IRS's antiquated computer systems, improve taxpayer services and ramp up enforcement to close the"tax gap" between taxes owed and those collected, estimated at $7 trillion over 10 years.
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