IRS Acts to Address Wide Disparity in Audit Rates Between Black Taxpayers and Other Filers

  • 📰 TIME
  • ⏱ Reading Time:
  • 37 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 18%
  • Publisher: 53%

Business Business Headlines News

Business Business Latest News,Business Business Headlines

The IRS said Thursday that it has taken steps to address a wide disparity in audit rates between Black taxpayers and others filers, and is more closely examining the returns of larger numbers of wealthy people and major companies.

WASHINGTON —

"We have taken swift initial action to dramatically reduce the number of those audits. We have also made changes to the selection criteria for those audits,” IRS Commissioner Daniel Werfel said., has testified before Congress about the issue and last September he wrote to the Senate Finance Committee that the IRS would make changes.

He added: “There is no new wave of audits coming for middle and low income" taxpayers —"that is not in our plans in any way shape or form." Ensuring that people pay their taxes is one of the tax collection agency’s biggest challenges. The audit rate of millionaires fell by more than 70% from 2010 to 2019 and the rate on large corporations dropped by more than 50%.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 93. in BUSİNESS

Business Business Latest News, Business Business Headlines