New compliance efforts on high-income tax evaders.

As a part of the improvements boosted by the Inflation Reduction Act funding, the IRS plans to shift its attention onto high-income earners, partnerships, large corporations, and promoters abusing the nation’s tax laws. The IRS Commissioner Daniel Werfel announced that the agency will allocate new funding to enhance compliance efforts on the wealthy, while middle and low-income taxpayers will still experience historically low pre-IRA audit rates in the upcoming years. The agency is investing resources in advanced technology, such as Artificial Intelligence, to improve its ability to identify tax evasion schemes and emerging compliance threats among the wealthy.

If you would like to read more, please visit: https://www.irs.gov/newsroom/irs-announces-sweeping-effort-to-restore-fairness-to-tax-system-with-inflation-reduction-act-funding-new-compliance-efforts