Peggy Stuart #FirstWave
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The IRS is ramping up audits to go after tax cheats and deliver more $ to the US Treasury, but not every group of taxpayers will be targeted. The plans:
Triple the audits on corporations with assets of $250M+. Audit rates for these companies will rise to 22.6% in tax year 2026 from 8.8% in 2019.
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07:50 PM - May 09, 2024
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Peggy Stuart #FirstWave
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Large partnerships with assets of more than $10M will see their audit rates increase 10-fold, rising to 1% in tax year 2026 from 0.1% in 2019. #IRS #Audits #TaxFairness
07:50 PM - May 09, 2024
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Peggy Stuart #FirstWave
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Wealthy individuals with total positive income of more than $10 million will see their audit rates rise 50% to 16.5% from 11% in 2019.
Note: If you aren't cheating, you're OK.
If your family makes less than $400K, you're OK.
07:50 PM - May 09, 2024
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