The Internal Revenue Service (IRS) announced new enforcement initiatives Friday to crack down on 1,600 millionaires and 75 large companies it said owe hundreds of millions in unpaid taxes.
IRS Commissioner Daniel Werfel said the agency will use Inflation Reduction Act funding to focus on high-income earners, partnerships, large corporations and promoters. He said the IRS won’t increase audit rates for those earning less than $400,000 a year.
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