The IRS Ramps Up Audit Activity for Certain Taxpayers

Summary

On August 23rd, 2024, the IRS released a report card highlighting the improvements it has made during the second year of funding provided by the Inflation Reduction Act. Notably, the statement describes the increased focus on compliance from high-income and high-wealth individuals reporting that the efforts have resulted in collecting over $1 billion so far. The IRS describes its efforts as "swift and aggressive."