The IRS reports that it has collected $482 million in its ongoing efforts to recoup taxes owed by 1,600 millionaires. This is part of the agency’s initiative to expand investigation of tax abuse by complex partnerships, large corporations and high-income taxpayers. The IRS is working “to reverse the historic low audit rates and limited focus that the wealthiest individuals and organizations faced in the years that predated the Inflation Reduction Act,” according to Commissioner Danny Werfel. In addition to pursuing individuals with past-due balances, the IRS is scrutinizing taxpayers that are using partnerships to avoid paying self-employment taxes. To learn more: https://bit.ly/3HqFLGM
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