The IRS announced that its efforts to collect past-due taxes from certain “high-income, high-wealth” individuals has been fruitful. U.S. Treasury Secretary Janet Yellen stated that, with funds from the Inflation Reduction Act, the IRS has now collected nearly $1.3 billion in past-due taxes. The initial program began in the fall of 2023, collecting more than $1.1 billion from individuals that met certain income criteria. In Feb. 2024, a new effort was launched to pursue 125,000 taxpayers who hadn’t filed taxes since 2017, but for whom the IRS had indications from third party sources of significant income. This new effort has recovered $172 million, raising the total to nearly $1.3 billion.
Our Blog 