This should concern all the well-heeled members of GIAHORT....
- Thread starter The Tradition
- Start date
I don't think they know every detail, only if I make or lose money.
Good.WASHINGTON (AP) — The IRS announced on Friday it is launching an effort to aggressively pursue 1,600 millionaires and 75 large business partnerships that owe hundreds of millions of dollars in past due taxes.
IRS Commissioner Daniel Werfel said that with a boost in federal funding and the help of artificial intelligence tools, the agency has new means of targeting wealthy people who have “cut corners” on their taxes.
“If you pay your taxes on time it should be particularly frustrating when you see that wealthy filers are not,” Werfel told reporters in a call previewing the announcement. He said 1,600 millionaires who owe at least $250,000 each in back taxes and 75 large business partnerships that have assets of roughly $10 billion on average are targeted for the new “compliance efforts.”
Werfel said a massive hiring effort and AI research tools developed by IRS employees and contractors are playing a big role in identifying wealthy tax dodgers. The agency is making an effort to showcase positive results from its burst of new funding under President Joe Biden’s Democratic administration as Republicans in Congress look to claw back some of that money.
“New tools are helping us see patterns and trends that we could not see before, and as a result, we have higher confidence on where to look and find where large partnerships are shielding income,” he said.
In July, IRS leadership said it collected $38 million in delinquent taxes from more than 175 high-income taxpayers in the span of a few months. Now, the agency will scale up that effort, Werfel said.
“The IRS will have dozens of revenue officers focused on these high-end collection cases in fiscal year 2024,” he said.
A team of academic economists and IRS researchers in 2021 found that the top 1% of U.S. income earners fail to report more than 20% of their earnings to the IRS.
The newly announced tax collection effort will begin as soon as October. “We have more hiring to do,” Werfel said. “It’s going to be a very busy fall for us.”
Grover Norquist, who heads the conservative Americans for Tax Reform, said the IRS’ plan to pursue high wealth individuals does not preclude the IRS from eventually pursuing middle-income Americans for audits down the road.
“This power and these resources allow them to go after anyone they want,” he said. “The next step is to go after anyone they wish to target for political purposes.”
Senate Finance Committee Chair Ron Wyden, D-Ore., said the IRS’ new plan is a “big deal” that “represents a fresh approach to taking on sophisticated tax cheats.”
“This action goes to the heart of Democrats’ effort to ensure the wealthiest are paying their fair share,” he said in a statement.
David Williams, at the right-leaning, nonprofit Taxpayers Protection Alliance, said “every business and every person should pay their taxes — full stop.” However, “I just hope this isn’t used as a justification to hire thousands of new agents,” that would audit Americans en masse, he said.
The federal tax collector gained the enhanced ability to identify tax delinquents with resources provided by the Inflation Reduction Act, which Biden signed into law in August of 2022. The agency was in line for an $80 billion infusion under the law, but that money is vulnerable to potential cutbacks by Congress.
House Republicans built a $1.4 billion reduction to the IRS into the debt ceiling and budget cuts package passed by Congress this summer. The White House said the debt deal also has a separate agreement to take $20 billion from the IRS over the next two years and divert that money to other non-defense programs.
With the threat of a government shutdown looming in a dispute over spending levels, there is the potential for additional cuts to the agency.
The IRS plans to crack down on 1,600 millionaires to collect millions of dollars in back taxes
The IRS is launching an effort to crack down on 1,600 millionaires and 75 large business partnerships that owe hundreds of millions of dollars in past due taxes.apnews.com
I made a mistake on my return in 1989. The IRS discovered it and increased my return the $280.00 error I made.
Why should this bother ANY honest tax paying citizen/ resident of the USA, Trad? Are you saying it is “ok” to fraud abd cheat on your income taxes?
Is cheating an “ok” thing in your book?
There are illegal liberties being taken by many tax payers on their taxes annually. The IRS simply does not have the personnel to conduct their day to day business efficiently, much less “catch” thes phuquin’ cheaypters.
Gunpve’m their 180k employees and let’s restore timeliness and efficiency to the IRS abd keep tax cheaters at bay....it throw their asses in to jail!
I have little time for folks who feel the need to cheat to get ahead. Does that include you, Trad?
Is cheating an “ok” thing in your book?
There are illegal liberties being taken by many tax payers on their taxes annually. The IRS simply does not have the personnel to conduct their day to day business efficiently, much less “catch” thes phuquin’ cheaypters.
Gunpve’m their 180k employees and let’s restore timeliness and efficiency to the IRS abd keep tax cheaters at bay....it throw their asses in to jail!
I have little time for folks who feel the need to cheat to get ahead. Does that include you, Trad?
Proper documentation by you or your tax preparer would probably have saved you a lot of time and money. You did get your money back. Also, a lot of this issue might have been solved if the IRS had adequate staff and enough numbers to deal with your issue. You have to admit, judging by what you described, this was not a “normal, run of the mill” real estate transaction. It would quite likely, raise a red flag or two with the IRS.
I’m old enough to remember when some Republicans were proud to pay their share of taxes instead of cheating Uncle Sam and buying all those guns and bombs on a credit card.
HORTers don’t owe back taxes.WASHINGTON (AP) — The IRS announced on Friday it is launching an effort to aggressively pursue 1,600 millionaires and 75 large business partnerships that owe hundreds of millions of dollars in past due taxes.
IRS Commissioner Daniel Werfel said that with a boost in federal funding and the help of artificial intelligence tools, the agency has new means of targeting wealthy people who have “cut corners” on their taxes.
“If you pay your taxes on time it should be particularly frustrating when you see that wealthy filers are not,” Werfel told reporters in a call previewing the announcement. He said 1,600 millionaires who owe at least $250,000 each in back taxes and 75 large business partnerships that have assets of roughly $10 billion on average are targeted for the new “compliance efforts.”
Werfel said a massive hiring effort and AI research tools developed by IRS employees and contractors are playing a big role in identifying wealthy tax dodgers. The agency is making an effort to showcase positive results from its burst of new funding under President Joe Biden’s Democratic administration as Republicans in Congress look to claw back some of that money.
“New tools are helping us see patterns and trends that we could not see before, and as a result, we have higher confidence on where to look and find where large partnerships are shielding income,” he said.
In July, IRS leadership said it collected $38 million in delinquent taxes from more than 175 high-income taxpayers in the span of a few months. Now, the agency will scale up that effort, Werfel said.
“The IRS will have dozens of revenue officers focused on these high-end collection cases in fiscal year 2024,” he said.
A team of academic economists and IRS researchers in 2021 found that the top 1% of U.S. income earners fail to report more than 20% of their earnings to the IRS.
The newly announced tax collection effort will begin as soon as October. “We have more hiring to do,” Werfel said. “It’s going to be a very busy fall for us.”
Grover Norquist, who heads the conservative Americans for Tax Reform, said the IRS’ plan to pursue high wealth individuals does not preclude the IRS from eventually pursuing middle-income Americans for audits down the road.
“This power and these resources allow them to go after anyone they want,” he said. “The next step is to go after anyone they wish to target for political purposes.”
Senate Finance Committee Chair Ron Wyden, D-Ore., said the IRS’ new plan is a “big deal” that “represents a fresh approach to taking on sophisticated tax cheats.”
“This action goes to the heart of Democrats’ effort to ensure the wealthiest are paying their fair share,” he said in a statement.
David Williams, at the right-leaning, nonprofit Taxpayers Protection Alliance, said “every business and every person should pay their taxes — full stop.” However, “I just hope this isn’t used as a justification to hire thousands of new agents,” that would audit Americans en masse, he said.
The federal tax collector gained the enhanced ability to identify tax delinquents with resources provided by the Inflation Reduction Act, which Biden signed into law in August of 2022. The agency was in line for an $80 billion infusion under the law, but that money is vulnerable to potential cutbacks by Congress.
House Republicans built a $1.4 billion reduction to the IRS into the debt ceiling and budget cuts package passed by Congress this summer. The White House said the debt deal also has a separate agreement to take $20 billion from the IRS over the next two years and divert that money to other non-defense programs.
With the threat of a government shutdown looming in a dispute over spending levels, there is the potential for additional cuts to the agency.
The IRS plans to crack down on 1,600 millionaires to collect millions of dollars in back taxes
The IRS is launching an effort to crack down on 1,600 millionaires and 75 large business partnerships that owe hundreds of millions of dollars in past due taxes.
I had an unusual situation this year. The accountant filed my taxes in the middle of March. I paid the additional taxes immediately.
60 days later we get a letter from the IRS. My wife has it set up so we get an email from the post office showing us the mail that is coming. Nothing like seeing that email with an envelope from the IRS and having to wait to see it.
The letter said that they had reviewed my taxes and that I had overpaid by $290. Check was enclosed.
60 days later we get a letter from the IRS. My wife has it set up so we get an email from the post office showing us the mail that is coming. Nothing like seeing that email with an envelope from the IRS and having to wait to see it.
The letter said that they had reviewed my taxes and that I had overpaid by $290. Check was enclosed.
You seem to make up a lot of scenarios in your head to make sense of what you hope to be true.
Imagine thinking that the IRS going after people that owe $250,000+ is bad news.
Must suck to live your life in constant fear.
Trad, think about it. Is joe the plumber going to owe 250,000 in taxes on his salary? Of course they are targeting millionaires. They are the ones who are going to owe that kind of money.
Go on. I would love to read your constitutional analysis on this, counselor.
Last edited:
So what? Honestly, if I made a mistake on my taxes they will send me a bill and I will pay it. Unless you are thinking they will skip the sending a bill part and go directly to storm troopers.
Follow the rules the best you can, then pay your tax. Simple.
That's nonsense. I would never pay tax without knowing what it was for.
I'm a retired CPA that practiced in tax for 35 years. I've dealt with hundreds of client correspondence with the IRS. Sometimes the IRS was right, but many times they were wrong. An explanation letter or a call to the IRS and you can get to the bottom of it. Nothing bad ever happened as a result.
And in those 35 years of annually working with a couple hundred middle to high income taxpayers, I can count the number of individual audits on one hand.
I’m glad you can admit most tax cheats vote Republican.
That’s why they donate to the GOP… and that’s why R’s are trying to defund the IRS.
This is a wonderful thing for our country.
I don't see how this can be seen as anything other than a positive. It's a pretty common attitude here that the rich should be paying more. Well, how about just paying what they owe?
It's up to Congress, not the IRS, to make the tax code simpler. I'm not holding my breath.
In the meantime, let's see if we can get everyone to pay what they owe.
It's up to Congress, not the IRS, to make the tax code simpler. I'm not holding my breath.
In the meantime, let's see if we can get everyone to pay what they owe.
You must be old...way before Reagan...ever since 1980 the GOP has become the Party of Me First!
You looking for work? I need a guy for a few projects that your skill set is spot on for.
We need a new safe room, as the overflowing cash shelves are crimping our space.
My armory is also getting a little tight.
Easy digging clay, no rocks, nice slope for drainage.
I don’t know current concrete costs, but one of the local outlets flies the flag, so I figger cash is good.
Time critical tho, there is an election next year.
I am a 100% confident I have screwed up my taxes along the way. I once read a study out of some university in California where they gave 10 different accountants the exact same filing requirements and every one of them came up with something different. I am only required by law to file to the best of my knowledge and ability. I am not required by law to be accurate.
True. But you are required to provide “documentation” in case of an IRS inquiry. Legit paperwork satisfies being accurate in the vast majority of cases.
My experiences with the IRS is they are required to point out mistakes...and apply the law. Unless the fileris intentionally trying to defraud (cheat) the tax code, there is nothing to really be concerned about....other than a guilty conscience.
Why are you guys ALWAYS on the side of "what's good for the wealthy"?? The IRS has been complaining for years that they don't have the resources to go after the wealthy tax cheats. Those cheaters screw over all of the rest of us...part of why we can't have nice things. They have them, but the rest of us don't.
JFC. Pay your taxes and you're fine...like the majority of us do.
The government doesn't give two shits about your financial life...unless you're a cheat. Are you?
WOW, you couldn't be more wrong. The government LOVES having all this data on everyone.
Yeah...what are they gonna do with it? Hold a House or Senate committee hearing? Or is this just another MAGA/ right-wing boogey-man conspiracy to limit your “free-dumbs”?
Equal treatment under the law? Does that ring a bell?
The IRS has a yearly conference where they have breakouts of agents studying and discussing the massive tax fraud endemic in the HR community. Strategies are agreed upon to combat this lucrative tax avoidance scheme that permeates the corporate HR managerial masses.
Trad knows that the jig is up.
You were going to make a due process argument. Or is it equal protection argument? Rich people a protected class?
Similar threads
