The IRS plans to crack down on 1,600 millionaires to collect millions of dollars in back taxes
apnews.com
IRS Commissioner Daniel Werfel said that with a boost in federal funding and the help of artificial intelligence tools, the agency has new means of targeting wealthy people who have “cut corners” on their taxes.
“If you pay your taxes on time it should be particularly frustrating when you see that wealthy filers are not,” Werfel told reporters in a call previewing the announcement. He said 1,600 millionaires who owe at least $250,000 each in back taxes and 75 large business partnerships that have assets of roughly $10 billion on average are targeted for the new “compliance efforts.”
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Okay. Audit me. I have W-2 wages and take a standard deduction. Like why are every day people afraid of being audited.
Because it's a huge hassle and you could end up being fined if they find something they don't like.
The vast majority of people do not have tax returns complicated enough to be worried about an audit. If you're going through the process of itemizing your deductions, keep your receipts and have stuff saved and backed up. It's not hard.
If you're lying on your taxes hoping you don't get audited, that's your problem. The same way if you're driving 20 over the speed limit and get a ticket. You knew the risk and did it anyways.
The speeding analogy is my go-to example. Many people go a little bit over and it's not a huge deal. Some people go 20mph under and they're just weird. Sometimes jerks get away with going 100mph and then you get a ticket for rolling a stop sign. Is what it is, most reasonable people are fine, or you can roll the dice and see what happens.
I'll happily put up with it if it means the 1% finally get to pay their fair share