The agency’s initiative is funded under the Inflation Reduction Act.
The Internal Revenue Service (IRS) has launched an initiative to collect hundreds of millions of dollars in back taxes from approximately 1,600 billionaires and 75 large businesses. According to the agency, the billionaires owe in excess of $250,000 each. The companies, which come from differing industries, each with an average worth of $10 billion in assets, have unspecified taxes owing.
Passage of the Inflation Reduction Act, which included hiring 87,000 IRS employees, has provided the funds and personnel for the investigations. The agency is also making use of artificial intelligence technology in its new enforcement efforts.
“There is a sea change taking place at the IRS in every aspect of our operations,” IRS Commissioner Danny Werfel said. “Anchored by a deep respect for taxpayer rights, the IRS is deploying new resources towards cutting-edge technology to improve our visibility on where the wealthy shield their income and focus staff attention on the areas of greatest abuse.”
He said the new effort by the IRS will begin as soon as next month.
As the Lord Leads, Pray with Us…
- For Commissioner Werfel to seek the Lord’s guidance as he heads the initiative to collect back taxes from billionaires and companies.
- For wisdom for IRS personnel as they implement new technology and AI to assist in their processes.
Sources: The Hill, Kiplinger
