US Treasury, IRS recover USD1.3B in unpaid taxes from high-income individuals
(MENAFN) On Friday, the US Treasury Department and the Internal Revenue Service (IRS) announced the recovery of USD1.3 billion in unpaid taxes from high-income individuals. This recovery is part of a broader initiative launched by the IRS in February to target approximately 125,000 high-income and high-wealth taxpayers who had failed to file their taxes since 2017. According to a Treasury Department statement, the initiative has successfully prompted nearly 21,000 of these wealthy individuals to file their taxes, resulting in USD172 million in payments.
Additionally, another initiative started by the IRS in the fall of 2023 focused on high-income taxpayers earning over USD1 million. This effort zeroed in on around 1,600 high-wealth individuals with delinquent tax debts. As a result, nearly 80 percent of these targeted millionaires have made payments, leading to the recovery of over USD1.1 billion. This figure includes an additional USD100 million recovered since July, when the Treasury and IRS announced reaching the USD1 billion mark in their efforts.
The IRS's ongoing initiatives reflect a concerted effort to enforce tax compliance among the wealthiest taxpayers. The recovered funds not only address outstanding tax liabilities but also signify the IRS's increased focus on high-income earners. These actions are part of a larger strategy to enhance tax collection and ensure that all taxpayers meet their obligations.
In conjunction with these enforcement actions, the IRS has been working on modernizing its technology, which has been in use for 65 years. This modernization effort aims to improve taxpayer service and better secure taxpayer data, reflecting the agency’s commitment to enhancing its operational efficiency and safeguarding sensitive information.
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