IRS: Average taxpayers ‘should not be worried’ about audits as agency grows

The forthcoming overhaul of the Internal Revenue Service is intended to increase audits of the wealthy and big corporations while leaving audit rates on average households the same, according to a plan released by the agency Thursday.

The highly anticipated outline details how the IRS will spend a new $80 billion investment over the next decade.

The funding comes from Democrats’ sweeping Inflation Reduction Act, which passed along party lines last year and is meant to support the agency in cracking down on tax cheats and providing better service to taxpayers.

As a result of the improvements, the IRS is expected to collect more than $100 billion in new revenue over a 10-year period.