The IRS Hits $1 Billion in Collections of Past Due Taxes from Millionaires!
Law Office of Williams & Associates, PC
Tax Attorneys Representing Clients Nationwide in State and Federal Tax Controversy Matters and Criminal Tax Defense
Form 2848 (Rev. February 2020)
The Inflation Reduction Act has assisted the IRS in funding programs to identify and collect taxes from high-income earners. The IRS specifically identified 1,600 taxpayers who earn more than $1 million per year and owe the IRS more than $250,000. From these individuals, the IRS has reached the $1 billion milestone of tax collected. According to IRS Commissioner, Danny Werfel, declines in funding led to the IRS being unable to focus on these taxpayers and collect the taxes they knew were due.
In addition to collecting owed taxes from high-income individuals, the IRS is identifying those who haven’t filed taxes and fit in the high-earner bracket. Over 25,000 individuals who earn more than $1 million per year and 100,000 who earn between $400,000 and $1 million are the focus of this new initiative.
To read more about how the IRS is using the funding from the Inflation Reduction Act or for the full news release, click here.