Increased Tax Audits for Wealthy and Corporations, IRS Modernization.
This act aims to boost tax revenue by intensifying audits of high-income individuals and large corporations. It introduces new financial transaction reporting rules and increases penalties for tax non-compliance, while also allocating funds for IRS technological modernization and improved taxpayer services. Citizens can expect a more efficient tax system and better service from the IRS.
Key points
Increased Tax Audits: The IRS will more frequently audit individuals earning over $1 million annually and large corporations to ensure they pay their due taxes.
New Reporting Rules: Financial institutions will be required to report total deposits and withdrawals from accounts, aiming to help detect tax fraud.
Higher Penalties for Tax Errors: Penalties for underpaying taxes will be increased, especially for higher-income individuals.
IRS Modernization and Improved Service: The IRS will receive funds to upgrade its technology and enhance the quality of service for all taxpayers.
Status:
Expired
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