The Internal Revenue Service (IRS) announced Friday a crackdown targeting 1,600 millionaires and 75 large business partnerships, all allegedly with overdue tax debts, the AP reported.
“If you pay your taxes on time it should be particularly frustrating when you see that wealthy filers are not,” IRS Commissioner Daniel Werfel told AP News. “New tools are helping us see patterns and trends that we could not see before, and as a result, we have higher confidence on where to look and find where large partnerships are shielding income.”
The IRS announced on Friday it is launching an effort to aggressively pursue 1,600 millionaires and 75 large business partnerships that owe hundreds of millions of dollars in past due taxes. https://t.co/skhFo89LxX
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The IRS has integrated artificial intelligence tools to enhance its ability to target tax evaders, AP News reported. The tools help discover previous elusive patterns and trends used to conceal income. The focus of this effort is on 1,600 millionaires, each reportedly owing at least $250,000, and major business partnerships boasting assets of approximately $10 billion.
“The IRS will have dozens of revenue officers focused on these high-end collection cases in fiscal year 2024,” Werfel continued. (RELATED: ‘Disaster’: GOP Rep Blasts IRS For Losing Personal Data Belonging To Millions Of Taxpayers)
“Every business and every person should pay their taxes — full stop,” David Williams, a representative of the Taxpayers Protection Alliance, told AP News. “I just hope this isn’t used as a justification to hire thousands of new agents.” The Inflation Reduction Act has been criticized for a provision to add 87,000 new agents.
House Republicans incorporated a $1.4 billion reduction in IRS funding into the debt ceiling and budget cuts package passed by Congress earlier this summer.
