The U.S. IRS has published a 2024 Update and 2024 Update Supplement to its Inflation Reduction Act (IRA) Strategic Operating Plan (SOP). Notable points of the update concern increased audit rates, including that the IRS will:
- Nearly triple audit rates on large corporations with assets over USD 250 million, up from an 8.8% audit rate in 2019 to 22.6% in 2026;
- Increase audit rates by nearly ten-fold on large, complex partnerships with assets over USD 10 million, up from a 0.1% audit rate in…