A recent audit initiated by the Treasury Inspector General for Tax Administration (TIGTA) found that the Internal Revenue Services is no longer complying with a 2020 Treasury Directive that required the agency to audit a minimum of 8 percent of all individuals with incomes of $10 million or more, reported Anna Sulkin Stern for WealthManagement.com.
The IRS followed that directive for three tax years before instead following a broader directive that was part of the Inflation Reduction Act’s IRS funding protocols, whereby the IRS increased its audits of taxpayers with incomes above $400,000.
However, the recent audit from the TIGTA found that the audits on individuals with incomes of $10 million or more were four times more remunerative than audits on individuals with incomes between $400,000 and $10 million.
Following the repo
