Make Less Than 200k? Audit For You?

President Biden has promised that individuals making less than $400,000 would not see increased audit rates, but the new data shows otherwise.

 As of the summer of 2023, 63% of new audits have been for individuals making $200k or less, with 80% of overall audits are for taxpayers making $1M or less. So much for allocating resources to the ultra-wealthy.

 So what’s going on? Probably a myriad of factors including that there still aren’t enough agents to audit the ultra-wealthy, and people making $200k or less are easier to audit, which means more tax revenue for the IRS.

Given this trend, it’s critical that your tax documents adhere to all tax protocols! DBC offers a variety of services from advisory to complete tax preparation - Get started here!