Thrifty Banker
  • Politics
  • Business
  • World
  • Investing
  • Politics
  • Business
  • World
  • Investing

Thrifty Banker

Business

IRS has collected more than $520M in back taxes from delinquent millionaires so far

by January 13, 2024
January 13, 2024
IRS has collected more than $520M in back taxes from delinquent millionaires so far

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.

“The IRS continues to increase scrutiny on high-income taxpayers as we work to reverse the historic low audit rates and limited focus that the wealthiest individuals and organizations faced in the years that predated the Inflation Reduction Act,’ said IRS Commissioner Danny Werfel in a release. ‘We are adding staff and technology to ensure that the taxpayers with the highest income, including partnerships, large corporations and millionaires and billionaires, pay what is legally owed under federal law.’

The Biden administration previously pledged to freeze audit rates for filers with $400,000 or less.

In its announcement, the IRS said its latest efforts have been concentrated on taxpayers with more than $1 million in income and more than $250,000 in tax debt. After an initial round of audits of 175 high-income earners yielded $38 million, it expanded last fall to 1,600 new taxpayers in this category that owe hundreds of millions of dollars in taxes, ultimately collecting $482 million. 

The agency said it has also zeroed in on 76 of the largest corporate partnerships in the U.S., with more than $10 billion in assets, whose structure may indicate a compliance risk. The partnerships represent a cross-section of industries including hedge funds, real estate investment partnerships, publicly traded partnerships, large law firms and other industries, the agency said.  

This post appeared first on NBC NEWS
0
FacebookTwitterGoogle +Pinterest
previous post
Canada Nickel
next post
House Republicans will move forward to hold Hunter Biden in contempt of Congress

Related Posts

Family Dollar to close almost 1,000 stores

March 14, 2024

Thousands of schools are turning to apps to...

November 8, 2023

Collapse of fintech firm with 10M users leaves...

May 24, 2024

Disney accused of withholding hundreds of millions of...

August 16, 2023

Rentals across the U.S. may be easing and...

December 14, 2023

A short government shutdown wouldn’t crash the economy,...

October 3, 2023

About 800,000 BetterHelp online therapy customers receive refund...

May 11, 2024

DeSantis-controlled Disney World district gets rid of all...

August 8, 2023

Thousands of autoworkers at Toyota and Honda move...

November 30, 2023

Congress approved a TikTok ban. Why it could...

April 26, 2024

    Sign up for our newsletter to receive the latest insights, updates, and exclusive content straight to your inbox! Whether it's industry news, expert advice, or inspiring stories, we bring you valuable information that you won't find anywhere else. Stay connected with us!


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Popular

    • 1

      Top 10 Countries for Natural Gas Production (Updated 2024)

      April 6, 2024
    • 2

      Trump-era China sanctions ended by Biden may be revived under new House GOP bill

      June 27, 2024
    • 3

      Top 10 Uranium-producing Countries (Updated 2024)

      April 18, 2024
    • 4

      A GOP operative accused a monastery of voter fraud. Nuns fought back.

      January 3, 2025
    • 5

      Top 9 Nickel-producing Countries (Updated 2024)

      April 23, 2024
    • 6

      Australian abolitionist, Grace Forrest, receives coveted ‘Freedom from Fear’ award

      April 13, 2024
    • 7

      LME Sanctions on Russian Metal Push Copper, Nickel and Aluminum Prices Higher

      April 17, 2024

    Categories

    • Business (1,028)
    • Investing (2,046)
    • Politics (2,977)
    • Uncategorized (20)
    • World (3,347)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: thriftybanker.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 thriftybanker.com | All Rights Reserved