In 2024, the IRS will focus more on wealthier taxpayers, including millionaires with unpaid taxes. The agency will also investigate digital assets, including cryptocurrencies, and how high-income taxpayers use foreign bank accounts to avoid disclosing financial information. This initiative follows an $80 billion allocation to the IRS through the Inflation Reduction Act, with the aim of increasing government revenue by pursuing tax evaders.
Key takeaways:
- The IRS has begun using artificial intelligence (AI) to investigate tax fraud in large partnerships, including hedge funds, private equity groups, real estate investors, and major law firms.
- The agency plans to use AI to investigate 75 of America’s largest partnerships, looking for digital assets, undisclosed funds, and more.
- The IRS has recently been allocated $80 billion through the Inflation Reduction Act and aims to increase governmental revenue by targeting tax evaders.
- In 2024, the IRS will focus more on wealthier taxpayers, including millionaires with unpaid taxes, and those using digital assets and foreign bank accounts to avoid disclosing financial information.