IRS audits aren’t new and recent news is no exception. Due to an influx of funding from the Inflation Reduction Act (IRA), the federal tax agency has been cracking down on high-income and wealthy individuals who owe tax debt.
The compliance initiative targeting high-earning non-filers comes after an IRS warning for wealthy, high earners earlier this year. As Kiplinger reported, the IRS foretold increases in audits, levied penalties, and encouraged taxpayers to file their back taxes before the agency filed for them.
