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Who is most likely to get audited this year

MM Scott Michel 1-9-23.jpeg
caplindrysdale.com

The Inflation Reduction Act provided the IRS with nearly $80 billion in funding. Scott Michel, attorney with Caplin & Drysdale, shares insight into how the funding will impact audits and who will bear the brunt of increased scrutiny.

One element of last year’s Inflation Reduction Act has received a great deal of attention — the expansion of future funding to the IRS. Some politicians have pointed to the provision which contemplates an additional 87,000 IRS employees as creating an army of IRS agents poised to terrorize the middle class.

But what does the provision actually call for and how does the new funding fit into the historical pattern of IRS funding? What is the tax gap and why does the ability of the IRS to audit matter? And how do IRS audits work anyway?

Scott Michel, a member of the law firm of Caplin & Drysdale and the Chairman Elect of the ABA Section of Taxation, breaks it down for us.

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Roger is a retired partner in the international law firm of Latham & Watkins. He is the co-founder and Chairman of Buildable Hours, a non-profit group that organizes law firms to build homes with Habitat for Humanity in several cities around the country. He and his wife Rana Tahtinen enjoy skiing and many of the other recreational activities offered by Park City. He is passionate about KPCW and its important role in our community.
Co-host of Mountain Money since 2012.