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IRS Audit Rates Plummet Amid Workforce Cuts

April 29, 2025 2 Negative I want money/finance advice
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.
What this means for you:
Ensure your tax filings are accurate and compliant to avoid potential issues, even with reduced audit rates.
Consider consulting a tax professional to optimize your tax strategy and minimize liabilities.
In the meantime, stay informed about changes to tax policies and IRS procedures.

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