Millions of dollars are set to be back in taxes through the initiative of the IRS.
Millions Of Dollars Owed By Businesses To Be Back In Taxes
The IRS is starting an initiative to target 1,600 millionaires and 75 large businesses who owe hundreds of millions of dollars in back taxes. The agency will use additional funding from the Inflation Reduction Act to hire and replace employees to get back taxes from those who owe millions of dollars.
It will not change audit rates for individuals earning less than $400,000 per year than those who owe millions of dollars. The IRS plans to use new artificial intelligence technology to identify patterns of tax avoidance by businesses that owe millions of dollars more effectively.
The targeted millionaires are those who owe millions of dollars, while the businesses have an average worth of $10 billion in assets. Republicans have criticized the additional funding for the IRS, and there are concerns about further cuts as the government approaches a potential shutdown.
According to a published article by WNCT, the initiative to get back taxes from businesses that owe millions of dollars is set to begin next month.
The IRS’ Initiative To Get Back Millions Of Dollars
In a published article by The Hill, such an initiative will begin next month despite criticisms. Although the Republicans wanted the money, which could amount to millions of dollars, allocated or given elsewhere, the IRS seems to have a different plan.