The Internal Revenue Service said on Thursday that it plans to sharply increase audit rates for big corporations, partnerships and multimillionaires over the next three years as it ramps up enforcement spending and hiring to boost collections. Releasing an update of its strategic operating plan for spending $60 billion in funding from the 2022 Inflation Reduction Act, the IRS said it was targeting a near tripling of the audit rate on corporations with assets over $250 million to 22.6% in the 2026 tax year from 8.8% in 2019. For complex partnerships with assets over $10 million the IRS said it intends to increase audit rates by nearly 10-fold, to 1% in tax year 2026 from 0.1% in 2019. The IRS also said it is targeting a 50% increase in audit rates for individuals with total positive annual income of over $10 million, to 16.5% in the 2026 tax year from 11% in 2019.