this post was submitted on 01 May 2025
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[–] finitebanjo@lemmy.world 1 points 7 months ago (7 children)

As a rule of thumb the IRS won't audit anybody they can't recoup more from than the cost of the audit. Maybe $20,000 maybe $40,000.

Obviously, the number should be on the higher end because now the IRS is short staffed.

[–] skozzii@lemmy.ca 2 points 7 months ago* (last edited 7 months ago) (5 children)

They also won't audit you if your rich, so there is a nice middle-class sweet spot they can exploit. If your poor though, they may try to still come after you so they can throw you in jail for some of that cheap labor for tax evasion.

[–] finitebanjo@lemmy.world 5 points 7 months ago (2 children)

Under the Biden administration, as a result of the inflation reduction act, the IRS audited the rich and saw large increases in revenue as a result.

As part of larger efforts taking place, the IRS has stepped up activity specifically on 1,600 individuals whose incomes were more than $1 million per year and who each owed the IRS more than $250,000 in recognized tax debt. Since last fall, this IRS compliance effort has generated more than $1 billion in collections from this group, with work continuing in this area.

~The IRS

[–] VitoRobles@lemmy.today 1 points 7 months ago

Thank you Mr. Trump for protecting the Millionaire and Billionaire class.

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