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May 3, 2024

IRS releases updated strategic operating plan signaling it will increase audits of large corporations and partnerships

The IRS on May 2 released an updated strategic operating plan and supplement describing how it will spend the funds allocated by the Inflation Reduction Act (IRA). Among its objectives, the IRS said it anticipates increasing audits on the wealthiest taxpayers, large corporations and large, complex partnerships by sizable percentages for TY 2026, including nearly tripling the audit rate for large corporations with assets over $250m. A Tax Alert is forthcoming.

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Published by NTD’s Tax Technical Knowledge Services group; Chris DeZinno, legal editor