IRS audit levels are at historic lows. A Report by the Treasury Inspector General for Tax Administration suggests that the IRS should reprioritize its audit and collection efforts. More specifically, it should change the manner in which its models select audits and predict collectability. The Report found that the IRS has failed to collect more than $2.4 Billion from wealthy individuals who owe the federal government back taxes. The Report also found that IRS Examiners were only able to recoup about 39% of the more than $4 Billion in unpaid taxes owed by a group of rich taxpayers with an average annual income of nearly $1.6 Million. The low numbers suggest a change in audit techniques is warranted. The Report suggested that the IRS look at income and the size of the outstanding tax bill to determine the likelihood that the taxpayer will be able to pay the sum when considering which cases to prioritize for collection. The IRS already plans to increase audits on small businesses, land-conservation deals and cryptocurrency investors by 50% in 2021.