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Through the announcement, the IRS also seeks highlighting the agency’s stepped-up enforcement efforts against tax evaderswho were funded by the Inflation Reduction Act of 2022. The IRS funding drew criticism from Republicans who said the money would go toward hiring 87,000 new IRS agents to “audit Walmart shoppers.”
For its part, The agency said the money will be used to improve customer service. and Increase audits of people with more than US$1,000,000 in annual income and more than US$250,000 in tax debts.
The high number of people who did not pay taxes
According to the statement shared by the agency, which included statements from Treasury Secretary Janet Yellen, Between 2010 and 2018, the audit rate for millionaires fell by 80 percent. “During the previous administration, as audit rates for high-income taxpayers fell, The proportion of audits of taxpayers with incomes below US$200,000 increased“, Yellen said.
The IRS is going after 125,000 wealthy taxpayers who failed to file tax returns.
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Along these lines, the Secretary of the Treasury assured that The IRS is going after 125,000 wealthy taxpayers who didn’t file tax returns in years, of which nearly 21,000 filed their returns in the last six months, paying a total of US$172,000,000.
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