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

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 ...