Do more IRS agents mean you’re getting audited?
BURLINGTON, Vt. (WCAX) - The Inflation Reduction Act includes nearly $80 billion for the IRS over the next 10 years, which means more agents will be hired. Does that mean more audits for you and me?
Mark Scribner, a financial adviser with oXYGen Financial Boston, says generally no.
The focus is really on large corporations and people who make $400,000 or more a year.
But people who make money on the side and don’t claim that on their taxes may get looked at.
“So the new thing, you know, for folks who have invested in cryptocurrency is they’re using the PayPal for a side hustle. That’s one of the areas that the IRS is really focusing on right now, that that is one of the red flags. If you’re, you know, you’re making money on eBay and your side hustle but you’re not declaring it,” said Scribner.
Scribner says the IRS is getting attention now because of the massive deficit.
He says the Treasury is projecting about $186 billion in the next couple of years through increased audits.
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