IRS Pursuing 1,600 Millionaires and 75 Large Businesses Owing Hundreds of Millions in Unpaid Taxes

The IRS announced it will pursue 1,600 millionaires and 75 large businesses who owe hundreds of millions in back taxes.
IRS Commissioner said new funding and AI tools help target wealthy tax dodgers.
The effort targets millionaires owing at least $250k each and businesses with $10 billion in assets on average.
IRS hiring more and using new tools to see patterns and trends to find where income is shielded.
Effort starts as early as October with more IRS hiring planned for a busy fall tax season.

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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.

9/8/2023

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.

9/12/2023

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.

9/14/2023

IRS Cracks Down on Surge of Potentially Fraudulent Small Business Tax Break Claims

The IRS is concerned about small business owners being scammed by fraudulent actors and has initiated investigations into potentially fraudulent ERC claims totaling over $2.8 billion.

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Posted 9/8/2023, 1:00:25 PM

IRS Pursuing 1,600 Millionaires and 75 Large Businesses Owing Hundreds of Millions in Unpaid Taxes

The IRS announced it will pursue 1,600 millionaires and 75 large businesses who owe hundreds of millions in back taxes.
IRS Commissioner said new funding and AI tools help target wealthy tax dodgers.
The effort targets millionaires owing at least $250k each and businesses with $10 billion in assets on average.
IRS hiring more and using new tools to see patterns and trends to find where income is shielded.
Effort starts as early as October with more IRS hiring planned for a busy fall tax season.

aol.com

Relevant topic timeline:

9/8/2023

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

9/8/2023

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

9/12/2023

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

9/14/2023

IRS Cracks Down on Surge of Potentially Fraudulent Small Business Tax Break Claims

The IRS is concerned about small business owners being scammed by fraudulent actors and has initiated investigations into potentially fraudulent ERC claims totaling over $2.8 billion.