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Yellen: New IRS Funds Won’t Boost Audits For Those Under $400k

Aug. 11, 2022, 2:00 AM

US Treasury Secretary Janet Yellen directed that new funding to the Internal Revenue Service will not be used to raise audit rates for Americans making under $400,000 a year, according to a statement.

  • Yellen had sent a letter to IRS Commissioner Charles Rettig
  • “Specifically, I direct that any additional resources - including any new personnel or auditors that are hired - shall not be used to increase the share of small business or households below the $400,000 threshold that are audited relative to historical levels”
    • “This means that, contrary to the misinformation from opponents of this legislation, small business or ...