Through an expanded enforcement initiative launched last year, the IRS reports it has collected more than $1 billion in past-due taxes from “high-income, high-wealth” individuals. As part of larger efforts taking place, the tax agency stepped up activity on 1,600 individuals whose incomes were more than $1 million per year and who each owed more than $250,000 in recognized tax debt. This is just one of several ongoing IRS compliance enforcement initiatives funded by the Inflation Reduction Act. Other activities include those targeting corporate jet abuse, high-income nonfilers, and large corporations and partnerships with average assets of $24 billion and $10 billion, respectively.
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