Economic Indicators
Yellen to IRS: No increase in middle-class audits if IRS gets more funding
2022.08.11 05:10
FILE PHOTO: U.S. Treasury Secretary Janet Yellen holds a news conference in the Cash Room at the U.S. Treasury Department in Washington, U.S. July 28, 2022. REUTERS/Jonathan Ernst
WASHINGTON (Reuters) – U.S. Treasury Secretary Janet Yellen told the Internal Revenue Service commissioner on Wednesday that if the Inflation Reduction Act becomes law additional IRS resources should not be used to increase audit rates on taxpayers making under $400,000 a year.
“This means that, contrary to the misinformation from opponents of this legislation, small business or households earning $400,000 per year or less will not see an increase in the chances that they are audited,” Yellen said in a letter to IRS Commissioner Charles Rettig.
