BELOW SUPERNAV drop zone ⇩

With 87,000 new agents, who will the IRS be looking at?

MAIN AREA TOP drop zone ⇩

MAIN AREA TOP drop zone ⇩

Mortgage Calculator

This calculator helps you estimate your monthly mortgage payment. It adds up the loan payment (principal + interest), property tax, and insurance. The loan payment is spread out over the years of your loan term.

This is the total amount you're borrowing from the bank.
This is the yearly interest rate on your loan.
This is how long you'll take to repay the loan.
This is the yearly tax you pay on your property.
This is the yearly cost to insure your home.

Monthly Payment Breakdown

Principal and Interest: $

Property Tax: $

Homeowners Insurance: $

Total Estimated Monthly Payment: $

AUTO TEST CUSTOM HTML 20241114185800

AUTO TEST CUSTOM HTML 20241115200405

AUTO TEST CUSTOM HTML 20241118165728

AUTO TEST CUSTOM HTML 20241118184948

WASHINGTON (NewsNation) — Under the Inflation Reduction Act of 2022, the Internal Revenue Service will spend an extra $79.6 billion over the next 10 years to help the agency dig out of a backlog of unprocessed paper returns, and staff up to take aim at the country’s highest earners.

The act, which is expected to pass the House before going to President Biden’s desk for signature, will add 87,000 new IRS agents to their roster. It’s expected to help speed up processing refunds that some taxpayers have been waiting as long as 10 months to receive.

Democratic sponsors of the legislation said it’s also aimed at wealthy individuals cheating their taxes, with $46 billion of the $80 billion earmarked for audits.

Ben Wilkerson, a managing attorney at North Mississippi Legal Services, said these audits are sometimes tilted against lower-income earners.

“There’s no rhyme or reason that I can figure out to who gets audited,” he said.

Wilkerson has helped hundreds of low-income families impacted by IRS audits. He said going after these individuals is less work and gets done quicker — while wealthier filers have the resources to fight the agency.

A recent study from Syracuse University found the poorest families were audited at a rate five times higher than everyone else.

That figure compared to just the 2% of millionaires who were audited in 2021.

Syracuse professor Susan Long said this may give the agency the manpower it needs to change that practice.

“It is really revolutionary,” she said. “Because year after year, IRS has been starved for resources but has been given more and more duties as we have seen and carry out things. You know, it takes steps; that’s the way the world goes round.”

Your Money

Copyright 2024 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed

Site Settings Survey

 

MAIN AREA MIDDLE drop zone ⇩

Trending on NewsNation

AUTO TEST CUSTOM HTML 20241119133138

MAIN AREA BOTTOM drop zone ⇩

tt

KC Chiefs parade shooting: 1 dead, 21 shot including 9 kids | Morning in America

Witness of Chiefs parade shooting describes suspect | Banfield

Kansas City Chiefs parade shooting: Mom of 2 dead, over 20 shot | Banfield

WWE star Ashley Massaro 'threatened' by board to keep quiet about alleged rape: Friend | Banfield

Friend of WWE star: Ashley Massaro 'spent hours' sobbing after alleged rape | Banfield

Cloudy

la

58°F Cloudy Feels like 58°
Wind
1 mph E
Humidity
88%
Sunrise
Sunset

Tonight

Cloudy. Low 51F. Winds light and variable.
51°F Cloudy. Low 51F. Winds light and variable.
Wind
2 mph WSW
Precip
12%
Sunset
Moon Phase
Waning Crescent