IRS Ramps Up Pursuit of Wealthy Tax Dodgers Owning Hundreds of Millions in Unpaid Taxes

IRS launching effort to pursue 1,600 millionaires and 75 large businesses owing hundreds of millions in back taxes
With funding boost and AI tools, IRS can better target wealthy people not paying taxes on time
1,600 millionaires each owe at least $250K; 75 large partnerships have $10B in assets on average
Massive hiring and new AI tools helping IRS identify tax dodgers more effectively
Effort beginning in October as IRS scales up high-end collection cases involving wealthy filers

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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.

9/10/2023

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.