IRS Collected Another $360 Million from Delinquent Millionaires

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IRS says it collected $360 million more from rich tax cheats as its funding is threatened yet again

The IRS says it has collected an additional $360 million in overdue taxes from delinquent millionaires.

apnews.com

WASHINGTON (AP) — The IRS says it has collected an additional $360 million in overdue taxes from delinquent millionaires as the agency’s leadership tries to promote the latest work it has done to modernize the agency with Inflation Reduction Act funding that Republicans are threatening to chip away.

Along with the $122 million collected from delinquent millionaires last October, now nearly half a billion dollars in back taxes from rich tax cheats has been recouped, IRS leaders say.

 

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IRS expects to collect hundreds of billions more in overdue and unpaid taxes thanks to new funding​

Tax revenues are expected to rise by as much as $561 billion from 2024 to 2034, thanks to stepped-up enforcement made possible with money from the Democrats’ Inflation Reduction Act, which became law in August 2022.

 

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Thousands of millionaires haven’t filed tax returns for years, IRS says​

Thousands of high-income earners have not filed tax returns for several years, but the cash-strapped Internal Revenue Service did nothing to get them to pay what they owe.

That changes now, the tax agency announced Thursday. The IRS will send notices to thousands of people who made more than $400,000 and did not file returns in at least one year from 2017 to 2022, the first step to collecting any tax owed.

About 25,000 cases involve people whose income is known to the agency to be above $1 million, IRS Commissioner Danny Werfel said.

As Congress slashed the IRS’s funding in the last decade, the agency’s shrinking staff did less to enforce tax compliance — including one of the most basic tasks, simply sending letters to people who fail to file their tax return. Werfel said the “non-filer program” last operated in 2016, with only sporadic attempts since then to contact non-filers.

hmmmm....