• Investing
  • Stock
Round Table Thoughts
  • Economy
  • Editor’s Pick
Home Editor's Pick IRS has collected more than $520M in back taxes from delinquent millionaires so far
Editor's Pick

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

by January 13, 2024
by January 13, 2024 0 comment
Share
0
FacebookTwitterPinterestWhatsapp

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
You Might Also Like
  • Comcast and Harris Blitzer to build NBA, NHL stadium in south Philadelphia
  • Over 3 million on Social Security may wait more than a year for higher payments
  • Murdoch family battle highlights Nevada’s secret trust boom
  • Energous Applauds AirFuel™ RF Standard for Wireless Power Transfer
Share
0
FacebookTwitterPinterestWhatsapp

previous post
Nothing “CRYPTIC” About These Go Trends!
next post
MEM TV: The Easy Way to Uncover Stocks Poised to Outperform

You may also like

Home prices hit record high in June on S&P Case-Shiller...

August 28, 2024

Social Security advocates brace for U.S. debt default: Seniors should...

May 15, 2023

Home Depot says the worst of inflation is over —...

November 15, 2023

LEXI Introduces World’s First Universal IoT Platform

December 2, 2022

The installed base of fleet management systems in Australia and...

December 20, 2022

Sports executive charged with bid-rigging in Texas arena project

July 10, 2025

What the National Association of Realtors’ settlement means for consumers...

March 17, 2024

U.S. economic growth for last quarter is revised down to...

August 31, 2023

Consumers are tired of price increases. Big brands are paying...

February 23, 2024

Treasury delays deadline for small businesses to file new form...

December 27, 2024

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


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

    Recent Posts

    • OpenAI to release web browser in challenge to Google Chrome

      July 10, 2025
    • Sports executive charged with bid-rigging in Texas arena project

      July 10, 2025
    • How I Triple My Returns With 3x Leveraged ETFs!

      July 10, 2025
    • Want Faster, Lower Risk Trades? Use This Setup

      July 9, 2025
    • The Seasonality Trend Driving XLK and XLI to New Highs

      July 9, 2025

    Popular Posts

    • 1

      Biden appointee played key role in recruiting Chinese...

      June 25, 2024 3,631 views
    • 2

      Trump-era China sanctions ended by Biden may be...

      June 27, 2024 2,919 views
    • 3

      Walz’s honeymoon with China gets fresh scrutiny as...

      August 9, 2024 2,607 views
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful...

      July 10, 2024 2,576 views
    • 5

      Harris VP pick spent years promoting research facility...

      August 29, 2024 2,449 views

    Categories

    • Economy (7,009)
    • Editor's Pick (2,169)
    • Investing (538)
    • Stock (2,661)

    Popular Posts

    • 1

      Biden appointee played key role in recruiting Chinese businesses to Delaware: ‘Longtime friends’

      June 25, 2024
    • 2

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

      June 27, 2024
    • 3

      Walz’s honeymoon with China gets fresh scrutiny as Harris camp blasts ‘lying’ critics

      August 9, 2024
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful of Chinese spy threats

      July 10, 2024
    • 5

      Harris VP pick spent years promoting research facility that collaborated with ‘Chinese military company’

      August 29, 2024

    Latest News

    • OpenAI to release web browser in challenge to Google Chrome

      July 10, 2025
    • Sports executive charged with bid-rigging in Texas arena project

      July 10, 2025
    • How I Triple My Returns With 3x Leveraged ETFs!

      July 10, 2025

    Categories

    • Economy (7,009)
    • Editor's Pick (2,169)
    • Investing (538)
    • Stock (2,661)

    Disclaimer: RoundTableThoughts.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 © 2024 RoundTableThoughts.com. All Rights Reserved.

    Round Table Thoughts
    • Investing
    • Stock
    Round Table Thoughts
    • Economy
    • Editor’s Pick

    Read alsox

    U.S. autoworkers union seeks tough victory...

    May 14, 2024

    Hermès to hike U.S. prices for...

    April 18, 2025

    ‘Trump trade’ returns for second week...

    November 12, 2024
    Sign In

    Keep me signed in until I sign out

    Forgot your password?

    Password Recovery

    A new password will be emailed to you.

    Have received a new password? Login here