IRS audit risk is no longer determined only by random selection. It increasingly depends on data analysis.
Host Tom Wheelwright sits down with Garrett Watson, Director of Policy Analysis at the Tax Foundation, to explain how technological changes inside the IRS will affect taxpayers, business owners, and investors. The agency is modernizing its systems and expanding its ability to analyze financial information, which alters both compliance expectations and audit exposure.
In this episode you will learn:
- How IRS technology identifies audit targets
- Why digital records increase enforcement accuracy
- What small businesses must document now
- How compliance mistakes trigger audits
- What tax professionals are preparing for
Wheelwright connects these developments to real-world tax strategy. Rather than fearing audits, entrepreneurs can reduce exposure by improving recordkeeping, aligning reporting with economic reality, and understanding how the IRS evaluates transactions.
Watson explains that modernization will streamline tax administration but also increase transparency. As data matching improves, the margin for reporting errors narrows. Business owners who adapt early protect cash flow, avoid penalties, and reduce uncertainty during filing season.
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00:00 – Intro.
01:00 – Short & Long Term Disruptions
05:12 – Does this mean more audits?
09:14 – What AI Means for Your Taxes
17:30 – Tech’s Superpowers & Your Taxes – Are You Prepared?
28:45 – Leadership: Who Will Be in the Driver’s Seat?
33:56 – Closing Statements
Looking for more on Garrett Watson?
Website: taxfoundation.org
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