Tax evasion by wealthiest Americans tops $150 billion a year: IRS
From CNBC:
The IRS cracks down on tax evasion by millionaires and billionaires, detecting over $150 billion in unpaid taxes annually. With new funding, the agency targets complex returns for fairness. Congressional Republicans criticize IRS efforts, despite Treasury Department estimates predicting an extra $561 billion in tax revenue by 2034. The agency has already collected $480 million from millionaire taxpayers.
The IRS launches a program to audit private jet owners for potential tax evasion, emphasizing proper reporting of personal trips. Limited partnerships are also under scrutiny for potential income-shifting evasion tactics. The Large Partnership Compliance program targets complex returns, using artificial intelligence to identify evasion and errors. The IRS aims for precision in audits with the use of AI technology, enhancing efficiency and fairness.
Read more at CNBC: Tax evasion by wealthiest Americans tops $150 billion a year: IRS