U.S. Secretary of the Treasury Janet Yellen claimed that the Internal Revenue Service’s (IRS) expanded auditing power would only target the wealthy in a Thursday letter to the agency, outlining the ways the Biden administration intends to use funding provided by the Inflation Reduction Act.
Yellen directed that the IRS will not use its new resources to “increase the share” of audits conducted on small businesses and households making less than $400,000, “relative to historical levels,” in a letter to IRS Commissioner Charles Rettig. Yellen instead directs the focus of the IRS to “high-end noncompliance.”
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