Worried the IRS is going to audit you? If you make less than $400K, here’s one reason you can relax

Some clarity is emerging regarding statements from Biden administration officials that no one making less than $400,000 will see higher audit rates from the Internal Revenue Service, which is about to step up its scrutiny of wealthy taxpayers.

The Inflation Reduction Act — the tax and climate package enacted last summer — earmarked $80 billion for the IRS over the next decade and a half. The money is intended to provide for more audits of corporations and wealthy households.

Ahead of the bill’s passage, Treasury Secretary Janet Yellen pledged that...