IRS Commissioner Danny Werfel stated in a news release that the IRS is ensuring that wealthy taxpayers are being held accountable to pay the full amount they owe. He added that the agency is doing so by enforcing already existing laws. Specifically, the High Wealth, High Balance Due Taxpayer Field Initiative focuses on taxpayers with incomes above $1 million who have more than $250,000 in recognized tax debt. In 2024, the IRS plans to contact about 1,600 taxpayers in this category that owe hundreds of millions of dollars in taxes. So far, under the initiative, the IRS reports collecting $38 million in taxes owed from more than 175 high-income earners. Read the release: https://bit.ly/48akux9
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