The IRS just got $80 billion to beef up. A big goal? Going after rich tax dodgers
2 years, 4 months ago

The IRS just got $80 billion to beef up. A big goal? Going after rich tax dodgers

NPR  

The IRS just got $80 billion to beef up. Going after rich tax dodgers Enlarge this image toggle caption Stefani Reynolds/AFP via Getty Images Stefani Reynolds/AFP via Getty Images The IRS is about to get a big infusion of cash. "By beefing up the IRS's capacity to go after wealthy tax cheats, you're going to be able to collect at least $400 billion of that over the course of the next ten years, and I suspect substantially more," said Natasha Sarin, a counselor for tax policy and implementation at the Treasury Department. "They're easy marks," said Susan Long, who has been monitoring IRS audits for decades as co-founder of TRAC, a non-profit research center at Syracuse. Millionaires have largely avoided tax audits At the same time, Long said, the IRS audited just 2.2% of millionaires' tax returns last year – a steep decline from 2015.

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History of this topic

Treasury recovers $1.3 billion in unpaid taxes from high wealth tax dodgers
3 months, 2 weeks ago

Treasury recovers $1.3 billion in unpaid taxes from high wealth tax dodgers

The Independent  

The latest headlines from our reporters across the US sent straight to your inbox each weekday Your briefing on the latest headlines from across the US Your briefing on the latest headlines from across the US SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The IRS has collected …

IRS collects milestone $1 billion in back taxes from high-wealth taxpayers
5 months, 1 week ago

IRS collects milestone $1 billion in back taxes from high-wealth taxpayers

Associated Press  

WASHINGTON — The IRS announced Thursday that it has collected $1 billion in back taxes from high-wealth tax cheats — a milestone meant to showcase how the agency is making use of the money it received as part of the Biden administration’s signature climate, health care, and tax package signed into law in 2022. Part of the push for public …

IRS collects milestone $1 billion in back taxes from wealthy
5 months, 1 week ago

IRS collects milestone $1 billion in back taxes from wealthy

LA Times  

The IRS says it is focused on pursuing taxpayers with more than $1 million in income and more than $250,000 in recognized tax debt. The IRS announced Thursday that it has collected $1 billion in back taxes from high-wealth tax cheats — a milestone meant to showcase how the agency is making use of money it received as part of …

The IRS wants to end another major tax loophole for the wealthy and raise $50 billion in the process
6 months ago

The IRS wants to end another major tax loophole for the wealthy and raise $50 billion in the process

Associated Press  

WASHINGTON — The IRS plans to end a major tax loophole for wealthy taxpayers that could raise more than $50 billion in revenue over the next decade, the U.S. Treasury Department says. Biden administration officials said after evaluating the practice that there are no economic grounds for these transactions, with Deputy Treasury Secretary Wally Adeyemo calling it “really just a …

Column: Something for Biden to brag about — his IRS funding more than pays for itself
9 months, 2 weeks ago

Column: Something for Biden to brag about — his IRS funding more than pays for itself

LA Times  

It goes without saying that President Biden will take the podium for Thursday’s State of the Union address armed with facts and figures of all that he’s accomplished for the American people during his term. That’s the outcome of a provision of the Inflation Reduction Act of 2022, which endowed the IRS with $80 billion in new funding over 10 …

IRS Launches Crackdown On 125,000 Wealthy ‘Non-Filers’
9 months, 3 weeks ago

IRS Launches Crackdown On 125,000 Wealthy ‘Non-Filers’

Huff Post  

LOADING ERROR LOADING WASHINGTON — The IRS plans to go after 125,000 high-income earners who did not file tax returns going back to 2017 — and the agency says hundreds of millions of dollars of unpaid taxes are involved in these cases. The campaign announced Thursday is part of the agency’s ongoing effort to pursue high wealth tax cheats — …

IRS says it collected $360 million more from rich tax cheats as its funding is threatened yet again
11 months, 1 week ago

IRS says it collected $360 million more from rich tax cheats as its funding is threatened yet again

Associated Press  

WASHINGTON — The IRS says it has collected an additional $360 million in overdue taxes from delinquent millionaires as the agency’s leadership tries to promote the latest work it has done to modernize the agency with Inflation Reduction Act funding that Republicans are threatening to chip away. Along with the $122 million collected from delinquent millionaires last October, now nearly …

The IRS plans to crack down on 1,600 millionaires to collect millions of dollars in back taxes
1 year, 3 months ago

The IRS plans to crack down on 1,600 millionaires to collect millions of dollars in back taxes

Associated Press  

WASHINGTON — 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. IRS Commissioner Daniel Werfel said that with a boost in federal funding and the help of artificial intelligence tools, the agency has new means of targeting wealthy …

The IRS plans to crack down on 1,600 millionaires to collect back taxes
1 year, 3 months ago

The IRS plans to crack down on 1,600 millionaires to collect back taxes

LA Times  

Internal Revenue Service Commissioner Daniel Werfel announced that the agency is cracking down on wealthy people who have cut corners on their taxes. IRS Commissioner Daniel Werfel said that with a boost in federal funding and the help of artificial intelligence tools, the agency has new means of targeting wealthy people who have “cut corners” on their taxes. He said …

IRS says it collected $38 million from more than 175 high-income tax delinquents
1 year, 5 months ago

IRS says it collected $38 million from more than 175 high-income tax delinquents

Associated Press  

WASHINGTON — The IRS is showcasing its new capability to aggressively audit high-income tax dodgers as it makes the case for sustained funding and tries to avert budget cuts sought by Republicans who want to gut the agency. IRS leaders said they collected $38 million in delinquent taxes from more than 175 high-income taxpayers in the past few months. Last …

IRS pledges more audits of wealthy, better customer service
1 year, 8 months ago

IRS pledges more audits of wealthy, better customer service

Associated Press  

WASHINGTON — The IRS released details Thursday on how it plans to use an infusion of $80 billion for improved operations, pledging to invest in new technology, hire more customer service representatives and expand its ability to audit high-wealth taxpayers. While some Republicans have suggested without evidence that the money from the Democrats’ landmark climate change and health care bill …

IRS Chief Seeks To Reassure Taxpayers About Increased Enforcement
1 year, 8 months ago

IRS Chief Seeks To Reassure Taxpayers About Increased Enforcement

Huff Post  

LOADING ERROR LOADING New funding will help the Internal Revenue Service crack down on rich tax cheats while greatly improving service to middle-class households, IRS Commissioner Danny Werfel said Thursday. Werfel said it was too soon to say whether the IRS would eventually hire the 87,000 employees that have become a fixture of Republican talking points about the supposed “weaponization” …

Column: Proof the IRS targets the poor for tax audits while leaving millionaires alone
2 years, 9 months ago

Column: Proof the IRS targets the poor for tax audits while leaving millionaires alone

LA Times  

The Internal Revenue Service’s preference for handling millionaires and billionaires with kid gloves has been known and documented for years. — Erin M. Collins, IRS’ national taxpayer advocate The figures show that the lowest-income wage earners, defined as those eligible for the federal Earned Income Tax Credit, were audited at a rate of 13 per 1,000 returns in 2021. But …

IRS to the rescue? Tax audits eyed for infrastructure cash
3 years, 7 months ago

IRS to the rescue? Tax audits eyed for infrastructure cash

Associated Press  

WASHINGTON — Republicans say they won’t raise taxes on corporations. The old estimates don’t take into account the recent boom in income made by self-employed “gig” workers, which can be underreported, concealed offshore income and the rising use of cryptocurrency, which makes it hard for the IRS to identify taxpayers in third-party transactions, experts say. But Sen. Mike Crapo of …

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