The Internal Revenue Service is coming after hedge funds, large law firms, partnerships and more millionaires, the tax agency’s commissioner said.
The Internal Revenue Service is going after hedge funds, large law firms, partnerships and more millionaires as its compliance clampdown continues, the tax agency’s commissioner said.
The IRS has its eyes on approximately 1,600 millionaires who owe at least $250,000 apiece in tax debt. All together, they owe “hundreds of millions of dollars,” Werfel said. The agency said in July that it’s already collected $38 million in back taxes from 175 millionaire taxpayers. The organizations – each averaging $10 billion in assets – will be told of the audits in the coming weeks, Werfel said.
Starting next month, the IRS will also mail out letters to around 500 partnerships that are worth at least $10 million. The IRS has questions about their balance sheets and if the agency isn’t satisfied with answers, more audits may follow. In wrangling to raise the debt ceiling earlier this year, the White House agreed with Republican negotiators to redirect $20 billion of that $80 billion.
The agency’s Large Business and International Division had a net loss of 82 revenue agents during fiscal year 2023, when 97 departing agents exceeded 15 new hires, according to a report from the Treasury Inspector General for Tax Administration.
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