IRS Audit Rates Plummet Amid Workforce Cuts

The IRS is conducting fewer audits than ever before, with rates falling to a record low of 0.36% in 2023. This decline is attributed to significant workforce cuts, reducing the agency's capacity to conduct thorough audits. The IRS has collected only $4.5 billion from 2019 personal audits, a sharp decrease from previous years. Further cuts are planned, potentially exacerbating the issue and leading to billions in lost tax revenue.