(TargetLiberty.org) – On Friday the IRS is going to launch an initiative that will target 75 large businesses and 1,600 millionaires who according to reports owe millions in back taxes. The program is going to be using some of the extra funding that the agency received as part of the Inflation Reduction Act which will also allow them to bring in 87,000 employees.
The agency pointed out that this plan would not have any effect on the audit rates for people who were making less than $400,000 annually.
Danny Werfel, the IRS Commissioner noted in a statement that the underfunding of the IRS in the previous year has led to a particularly low “audit rate of wealthy filers.” He added that they were planning on reversing this by ensuring that the new funding is being used to check that the wealthy are complying with their tax requirements. In order to achieve these checks the agency is also going to be using artificial intelligence technology to be able to detect patterns of tax avoidance.
Werfel pointed out that the IRS was altering every aspect of their operations, and that they had very deep respect for the rights of taxpayers. He added that the new resources and technology were going to help improve the visibility that they had on the wealthy and to focus on the areas where tax abuses were more common.
The 1,600 millionaires who are going to be targeted each owe over $250,000 in back taxes, while all the target companies have at least $10 billion in assets.
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