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The Accountant's Revenge (lemmy.world)

submitted 1 week ago by [email protected] to c/[email protected]

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[–] [email protected] 17 points 1 week ago (2 children)

Under the Biden administration, as a result of the inflation reduction act, the IRS audited the rich and saw large increases in revenue as a result.

As part of larger efforts taking place, the IRS has stepped up activity specifically on 1,600 individuals whose incomes were more than $1 million per year and who each owed the IRS more than $250,000 in recognized tax debt. Since last fall, this IRS compliance effort has generated more than $1 billion in collections from this group, with work continuing in this area.

~The IRS

[–] [email protected] 1 points 6 days ago

Thank you Mr. Trump for protecting the Millionaire and Billionaire class.

[–] [email protected] 7 points 1 week ago

Under the Biden administration, the IRS made a concerted effort to target the wealthy, aiming to double audit rates for those making more than $10 million a year and launching a campaign to investigate private-jet owners. Now, especially with the potential dismantling of the Department of Justice Tax Division, the tax enforcement ranks are rapidly dwindling.

“The agency is like a zombie right now,” said Kathleen Pakenham, partner at Vinson & Elkins, who handles corporate and high-net-worth tax cases. “There is no brain in charge of what’s happening on the ground.” -NBC News