IRS says new enforcement efforts have brought in $520M from millionaire tax evaders – By Clyde Hughes (UPI) / Jan 12, 2024
Jan. 12 (UPI) — The Internal Revenue Service on Friday said it collected $360 million from millionaires that evaded their taxes in an ongoing effort funded by the Inflation Reduction Act.
The IRS said the latest funds it has now collected total more than $520 million through the new initiatives aimed at furthering scrutiny of the income tax filings of high-income individuals, large corporations and complex partnerships that have allowed it to improve taxing enforcement.
“These efforts are concentrated among taxpayers with more than $1 million in income and more than $250,000 in recognized tax debt,” the IRS said in a statement. “In an initial success, the IRS collected $38 million from more than 175 high-income earners.”
The IRS said last fall it deployed more than 900 revenue officers as it began contacting about 1,600 new taxpayers that met that criteria, owing hundreds of millions of dollars in taxes
CONTINUE > https://www.upi.com/Top_News/US/2024/01/12/IRS-income-tax-enforcement/6371705075701/
