The agency is working to increase transparency of how is uses federal funds to address tax evasion.
The Internal Revenue Service (IRS) announced Thursday that is has reached the $1 billion milestone in its work to collect back taxes from wealthy taxpayers, designated as individuals that have an income of more than $1 million annually. Wealthy taxpayers typically use complex methods to avoid paying portions of their owed income taxes, which require careful review for IRS staff to uncover.
The IRS credited this latest milestone to the increase in funding it received through the 2022 Inflation Reduction Act, which allowed the agency to hire hundreds of new employees.
The “Inflation Reduction Act is increasing tax fairness and ensuring that all wealthy taxpayers pay the taxes they owe, just like working families do,” Treasury Secretary Janet Yellen said in a statement.
The tax collection agency is fighting calls from critics to revoke the new funding it has received, calls which have increased as the presidential election draws near. To combat this, the agency is regularly publishing its new achievements to showcase the use of its increased budget to the public.
As the Lord Leads, Pray with Us…
- For the God to direct those working in the IRS to responsibly use the funds provided by the federal government.
- For Secretary Yellen as she leads the Treasury Department with clarity and foresight.
- For God to use the taxes collected by the IRS to serve the nation and meet the needs of its citizens.
Sources: AP News, Reuters
