The tax agency vowed not to increase audit rates for people earning less than $400,000 annually.
The IRS said Friday it is ramping up a crackdown on wealthy taxpayers who owe back taxes, noting that the effort springs from billions in through the Inflation Reduction Act partially designed to help it track down millionaire tax cheats.
The agency will begin by pursuing 1,600 millionaires who owe at least $250,000 each in overdue taxes, the IRS said in a statement. The agency announced it will have “dozens of revenue officers” focusing on high-end collections cases in fiscal-year 2024, which starts in October and ends in September 2024.
The 2022 Inflation Reduction Act to the IRS, with more than half of that earmarked for more enforcement agents. The idea is to generate more tax revenue for the nation’s coffers by zeroing in on wealthy taxpayers who hide or underreport their income.
