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May 5, 2021

Biden's $80 Billion Plan to Beef Up IRS Audits May Target Wealthy Small Business Owners
By Kate Dore

Biden's proposal comes as the IRS struggles with the volume and complexity of returns. The agency lost more than 33,378 employees between 2010 and 2020, including those auditing returns and collecting unpaid taxes. These cuts have resulted in fewer audits for high-earning filers. The IRS audited fewer than 2 out of every 100 taxpayers earning more than $1 million in 2020, a Syracuse University report found. While the number of millionaires have nearly doubled since 2012, tax audits have dropped by 72%, to 11,331 in 2020, from 40,965 in 2012.

Transactional Records Access Clearinghouse, Syracuse University
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