U.S. Government Accountability Office (GAO)'s video: IRS: Challenges in High-Income High-Wealth Audits

To address the decline in audit rates for the highest-income taxpayers, in February 2020, the Department of Treasury directed IRS to audit at least 8 percent of individuals with adjusted gross income of $10 million or more. GAO found that IRS is on track to meet the 8 percent audit rate goal for tax years 2018 to 2020. While IRS has increased the number of these audits, there are areas for improvement. GAO is making eight recommendations to improve IRS’s efforts to audit high-income/high-wealth individuals, including taking steps to assess its research efforts, audit selection models, and auditor hiring and training. Check out the report: https://www.gao.gov/products/gao-24-106112 Get transcript: https://www.gao.gov/assets/870/865556.txt Learn more about GAO: gao.gov/about Check out the WatchBlog: gao.gov/blog Check out our Podcasts: gao.gov/podcast Follow GAO on Social Media: Twitter.com/usgao Instagram.com/usgao LinkedIn.com/company/us-government YouTube.com/usgao Facebook.com/usgao Flicker.com/photos/usgao General Information: The U.S. Government Accountability Office (GAO) is an independent, nonpartisan agency that works for Congress. Often called the "congressional watchdog," GAO investigates how the federal government spends taxpayer dollars. Mission: Our Mission is to support the Congress in meeting its constitutional responsibilities and to help improve the performance and ensure the accountability of the federal government for the benefit of the American people. We provide Congress with timely information that is objective, fact-based, nonpartisan, non-ideological, fair, and balanced. Disclaimer: The U.S. GAO does not promote or endorse any non-Government or commercial content appearing on this page.