IRS Plans Major Crackdown on Wealthy Tax Dodgers Owing Hundreds of Millions

The IRS announced plans to pursue 1,600 millionaires and 75 large business partnerships that owe hundreds of millions in back taxes.
With new funding and AI tools, the IRS can better identify and target wealthy tax dodgers.
The effort will focus on millionaires owing over $250k each and partnerships with $10 billion in assets.
IRS Commissioner said new hiring and technology are helping them uncover patterns of tax shielding.
This tax crackdown comes amid Republican efforts to claw back some of the IRS' new funding from Democrats.

oregonlive.com

Relevant topic timeline:

9/8/2023

IRS Using AI to Target Tax Evasion by Wealthy Partnerships and Millionaires Owing Over $250K

The Internal Revenue Service (IRS) is using artificial intelligence (AI) to investigate tax evasion at large partnerships, such as hedge funds, private equity groups, real estate investors, and law firms, in an effort to target wealthy taxpayers and collect owed sums to the federal government.

9/7/2023

IRS Plans to Use New Funding to Modernize Tax Collection Through Technology, Not Just Hiring

The Internal Revenue Service (IRS) plans to use its increased funding to enhance enforcement and customer service through technological improvements, including the hiring of data scientists and the use of data analytics in audits, with the goal of focusing enforcement on taxpayers attempting to avoid taxes. This investment in technology aims to improve efficiency, reduce taxpayer correspondence time, and increase compliance, ultimately making tax payment less burdensome for taxpayers.

9/8/2023

IRS Plans to Target High-Income Earners and Big Businesses, Not Middle Class, With New Enforcement Funding

The IRS is shifting its enforcement efforts to high-income earners, partnerships, and big corporations, while ensuring that audit rates do not increase for those earning less than $400,000 a year and adding more safeguards for lower- and moderate-income taxpayers.

9/10/2023

IRS Plans Crackdown on Wealthy Tax Cheats Owing $250k+ Using AI Tools and New Funding

The IRS is targeting wealthy tax cheats, including 1,600 millionaires and 75 business partnerships, to collect hundreds of millions of dollars in back taxes.

9/12/2023

IRS Plans to Use AI to Boost Audits of Wealthy Taxpayers and Corporations

The IRS is planning to use enhanced technology and artificial intelligence to collect unpaid taxes from higher earners, partnerships, and large corporations, potentially transforming tax compliance but also raising challenges for the agency. Increased scrutiny and audits of large partnerships, businesses, and high-net-worth families are expected within the next few years. Taxpayers are advised to keep organized tax records to support their positions from past returns.

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Posted 9/8/2023, 8:38:00 PM

IRS Plans Major Crackdown on Wealthy Tax Dodgers Owing Hundreds of Millions

The IRS announced plans to pursue 1,600 millionaires and 75 large business partnerships that owe hundreds of millions in back taxes.
With new funding and AI tools, the IRS can better identify and target wealthy tax dodgers.
The effort will focus on millionaires owing over $250k each and partnerships with $10 billion in assets.
IRS Commissioner said new hiring and technology are helping them uncover patterns of tax shielding.
This tax crackdown comes amid Republican efforts to claw back some of the IRS' new funding from Democrats.

oregonlive.com

Relevant topic timeline:

9/8/2023

IRS Using AI to Target Tax Evasion by Wealthy Partnerships and Millionaires Owing Over $250K

9/7/2023

IRS Plans to Use New Funding to Modernize Tax Collection Through Technology, Not Just Hiring

9/8/2023

IRS Plans to Target High-Income Earners and Big Businesses, Not Middle Class, With New Enforcement Funding

9/10/2023

IRS Plans Crackdown on Wealthy Tax Cheats Owing $250k+ Using AI Tools and New Funding

The IRS is targeting wealthy tax cheats, including 1,600 millionaires and 75 business partnerships, to collect hundreds of millions of dollars in back taxes.

9/12/2023

IRS Plans to Use AI to Boost Audits of Wealthy Taxpayers and Corporations