10/20/2023

The IRS is Cracking Down on Tax Frauds

It's already collected $160 million from millionaires

The Internal Revenue Service (IRS) has collected $160 million in back taxes this year by cracking down on millionaires who haven't paid what they owe, the agency said Friday.

The recent effort to target high-income individuals has been boosted by an increase in federal funding provided by Democrats last year through the Inflation Reduction Act. Republicans have criticized the amount of money the IRS is getting, and future funding is uncertain.

In September, the IRS started seeking back taxes from about 1,600 taxpayers with income above $1 million and more than $250,000 in tax debt. So far, the IRS has closed 100 of those cases, collecting $122 million, it said Friday.

Please select this link to read the complete article from CNN.