IRS ramps up new initiatives using Inflation Reduction Act funding to ensure complex partnerships, large ....

IRS Commissioner Danny Werfel noted Inflation Reduction Act resources continue to help in a... tax debt. In an initial success, the IRS collected $38 million from more than 175 high-income...

IRS collected more than $520 million in back taxes from delinquent millionaires, billionaires so far

The IRS announced Friday that it has recently collected more than half a billion dollars from millionaire Americans who owed tax debt.

U.S. Department of the Treasury, IRS Announce $1 Billion in Past-Due Taxes Collected from Millionaires

Major Milestone Reached Under Initiative Launched Last Year Under Inflation Reduction ActWASHINGTON – Today, the U.S. Department of the Treasury and Internal Revenue Service (IRS) announced that a...

FACT SHEET: IRS Ramps Up New Initiatives Using Inflation Reduction Act Funding to Ensure Complex Partners....

Inflation Reduction Act (IRA) resources. In addition to earlier announcements focused on... tax debt. In an initial success, the IRS collected $38 million from more than 175 high-income...

Debt Deal Cuts $21 Billion Of IRS $80 Billion, 87,000 IRS Agents Stay - Forbes

It is good that President Biden and Speaker McCarthy reached a US debt ceiling deal. If a compromise involves both sides being disappointed, this one appears to be successful. Some conservative Republicans are expressing frustration that the cuts were not much deeper, and there have been similar reactions coming from some Democrats. Speaker McCarthy announced success here, including stopping new tax proposals, slashing spending, and cutting some of the massive $80 billion that the Inflation Reduction Act had promised in new funding to the IRS. ...

IRS collects milestone $1 billion in back taxes from high-wealth taxpayers

House Republicans built a $1.4 billion reduction to the IRS into the debt ceiling and budget cuts package passed by Congress in the summer of 2023. The deal included a separate agreement to...

What The Debt Ceiling Agreement Means For The IRS | Tax Policy Center

What policymakers give, policymakers can take away. Nine months after Congress enacted President Biden’s proposal to boost the Internal Revenue Service’s 10-year budget by $80 billion, the president and House Speaker Kevin McCarthy (R-CA) have agreed to cut the IRS’s budget by up to $21.4 billion over the next three years as part of a deal to raise the debt ceiling. The bipartisan agreement’s cutbacks just nine months after the enactment of the Inflation Reduction Act (IRA) point to the ...

U.S. Department of the Treasury, IRS Release New Analysis Showing the High Return on Investment from Infl....

Inflation Reduction Act (IRA) investment in rebuilding and modernizing the IRS. Taking a more comprehensive approach to... and a campaign to collect tax debt from 1,600 millionaires with at...

Yellen touts IRS enforcement as helping close the budget deficit

Treasury Secretary Janet Yellen touted increased enforcement of tax laws by the IRS as helping to close the budget deficit by addressing the tax gap with respect to unpaid tax debts.

Empowering the IRS: Understanding the Full Potential of the Inflation Reduction Act’s Historic Investmen....

One of the most important ways that President Biden has added real fairness to the tax code is by providing the Internal Revenue Service (IRS) with the resources they need to reduce the tax gap and improve service delivery for taxpayers. The gross tax gap is the difference between what taxpayers owe and what they pay, and in 2021, it clocked in at a very large $688 billion. Even after accounting for IRS’s enforcement efforts, the net tax gap was $625 billion in 2021. The Inflation Reduction Ac...