Biden is hiring 87,000 new IRS agents — and they're coming for you
The Internal Revenue Service is recruiting a fleet of new agents. And they're probably coming for you, regardless of your income level.
Opinion
The Cut Inflation Act, signed into law this month by President Joe Biden, gives the IRS nearly $80 billion in new funding. The world's most powerful tax collection agency is using the money to launch a hiring spree to bolster law enforcement efforts.
It is widely accepted that audits will be brutal and widespread. Taxes begin with tax returns, which must be signed under penalty of perjury. The Biden administration has said the steroid audits are for the big cats who have evaded paying their fair share for too long. The administration suggested the IRS would not re-audit anyone earning less than $400,000 a year. Republicans tried to include this in the law, but all Senate Democrats voted against the amendment, along with IRS audit protection for those earning less than $400,000.
In other words, American taxpayers at all income levels are fair, regardless of income. So buckle up and ask yourself if your taxes – and your records – are vulnerable. What would they look like under the microscope? Tax returns must be signed under penalty of perjury. Plus, if you try to change that language, the IRS says it doesn't count as a tax return — meaning your statute of limitations for an audit never begins. You can be audited forever.
Related: US Government Delays Enforcement of Crypto Broker Reporting Requirements
Speaking of perjury, the IRS asks on each individual tax return: "At any time in 2021, did you receive, sell, trade, or otherwise dispose of a...
The Internal Revenue Service is recruiting a fleet of new agents. And they're probably coming for you, regardless of your income level.
Opinion
The Cut Inflation Act, signed into law this month by President Joe Biden, gives the IRS nearly $80 billion in new funding. The world's most powerful tax collection agency is using the money to launch a hiring spree to bolster law enforcement efforts.
It is widely accepted that audits will be brutal and widespread. Taxes begin with tax returns, which must be signed under penalty of perjury. The Biden administration has said the steroid audits are for the big cats who have evaded paying their fair share for too long. The administration suggested the IRS would not re-audit anyone earning less than $400,000 a year. Republicans tried to include this in the law, but all Senate Democrats voted against the amendment, along with IRS audit protection for those earning less than $400,000.
In other words, American taxpayers at all income levels are fair, regardless of income. So buckle up and ask yourself if your taxes – and your records – are vulnerable. What would they look like under the microscope? Tax returns must be signed under penalty of perjury. Plus, if you try to change that language, the IRS says it doesn't count as a tax return — meaning your statute of limitations for an audit never begins. You can be audited forever.
Related: US Government Delays Enforcement of Crypto Broker Reporting Requirements
Speaking of perjury, the IRS asks on each individual tax return: "At any time in 2021, did you receive, sell, trade, or otherwise dispose of a...
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