The agency credited the passage of the Inflation Reduction Act for its stepped-up ability to pursue high-income, high-wealth individuals who owe money.
The IRS announced Friday that it has recently collected more than half a billion dollars from millionaire Americans who owed tax debt.
The agency credited the passage of the Inflation Reduction Act for its stepped-up ability to pursue “high-income, high-wealth individuals,” as well as complex partnerships and large corporations, who are not paying overdue tax bills.
The IRA, pushed by President Joe Biden and approved in 2022, earmarked $80 billion over 10 years to step up the IRS’ enforcement capabilities. While $20 billion was ultimately clawed back in 2023 as part of the deal to head off a debt-ceiling crisis, the agency indicated it had already made use of its initial allotment.
Over the past year, the IRS said, enforcement officers had recouped approximately $520 million from the most well-off segments of society.
Being a little hyperbolic, aren’t we? You didn’t get the IRS “on your ass,” your form failed an automated check.
It “failed an automatic check” because it knows I got a number wrong. If it knows what the form is supposed to be, why do I have to refill the form? Or fill the form to begin with?
No amount of hyperbole can make that reality any more ridiculous.