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 t…