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IRS Declares Open Season on the 1%: Audits to Skyrocket

The IRS plans to ramp up audits of wealthy taxpayers, large corporations, and complex partnerships. They aim to increase the audit rate for those with total positive income over $10 million by more than double by 2026. The IRS also plans to nearly triple audit rates on large corporations and boost them by tenfold for large partnerships. This emphasis on tax fairness prioritizes compliance resources for those with the highest potential for non-compliance.