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Fiscal ’23 IRS Audits Resulted in $32B in Additional Taxes!

Fiscal ’23 IRS Audits Resulted in $32B in Additional Taxes!

According to the 2023 IRS Data Book, the Internal Revenue Service closed nearly 583,000 tax return audits in fiscal year 2023, resulting in $31.9 billion of recommended additional tax after examination, the agency said in its annual data book. 

Of those closed examinations, nearly 13,500 taxpayers representing 2.3% of closed return audits and $19.5 billion in recommended additional tax disagreed with the IRS' assessment, according to the Data Book.

22.7 percent of exams were conducted in the field, yielding over $24.1 billion in additional recommended tax.

The remaining 77.3 percent of audits were conducted via correspondence, resulting in almost $7.8 billion of additional recommended tax.

Fiscal year 2023 was a transitional year for the agency because of the additional long-term funding it received under the Inflation Reduction Act, Internal Revenue Commissioner Danny Werfel said in the data book's introduction.

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Read more at: Tax Times blog

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