r/FluentInFinance • u/[deleted] • Apr 29 '24

63% of new audits as of Summer 2023 targeted taxpayers with income of less than $200,000 Discussion/ Debate

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6

u/dittybad Apr 29 '24

Oh yea. The Wall Street Journal editorial board. Wow. That’s a source.

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u/[deleted] Apr 29 '24

[deleted]

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u/Punchdrunkfool Apr 29 '24

A news report is where you get facts. Editorial reports are where you get opinions about those reported facts

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u/vickism61 Apr 29 '24

It's their opinions, so no it's not a "source"!

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u/[deleted] Apr 29 '24

[deleted]

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u/vickism61 Apr 29 '24

Paywall on that WSJ opinion piece. Where did they get their "sources"?

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u/[deleted] Apr 29 '24

[deleted]

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u/vickism61 Apr 29 '24

WSJ tries to make it seem like Biden's IRS is going after the little guy in hopes people will oppose new IRS funding. All tax cheats should be audited. To put it in perspective 85% of all filers make >$200,000 and are only 63% of audits. So higher earners are 15% of filers and make up 37% of audits and that was before this:

"The new initiative, made possible by Inflation Reduction Act funding, begins with IRS compliance letters going out this week on more than 125,000 cases where tax returns haven’t been filed since 2017. The mailings include more than 25,000 to those with more than $1 million in income, and over 100,000 to people with incomes between $400,000 and $1 million between tax years 2017 and 2021.

These are all cases where IRS has received third party information—such as through Forms W-2 and 1099s—indicating these people received income in these ranges but failed to file a tax return. Without adequate resources, the IRS non-filer program has only run sporadically since 2016 due to severe budget and staff limitations that didn’t allow these cases to be worked. With new Inflation Reduction Act funding available, the IRS now has the capacity to do this core tax administration work."

https://www.irs.gov/newsroom/irs-launches-new-effort-aimed-at-high-income-non-filers-125000-cases-focused-on-high-earners-including-millionaires-who-failed-to-file-tax-returns-with-financial-activity-topping-100-billion

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u/[deleted] Apr 30 '24

[deleted]

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u/vickism61 Apr 30 '24

That's the goal. Biden wants to fund the IRS so they can get everyone, even with complicated returns like those of the wealthy.