IRS - IRS Says Wealthy Americans Are Evading Over $150B In Taxes A Year: 'Plenty Of Work To Be Done' | Benzinga
IRS Commissioner Danny Werfel has disclosed that wealthy Americans are evading taxes amounting to over $150 billion annually, a situation that is contributing to a “lack of fairness” in the tax system. The IRS is now deploying significant resources to address this issue.
What Happened: In an exclusive interview with CNBC, Werfel revealed that the IRS is targeting wealthy individuals, partnerships, and large companies through various programs aimed at identifying tax evasion. He noted that the lack of funding for the IRS over the years had led to a significant decrease in audits, particularly for complex and sophisticated returns.
"There is plenty of work to be done,” he said.
Werfel emphasized the need for investments to ensure that the IRS can accurately determine the taxes owed, regardless of the taxpayer’s complexity. The agency has already seen some success in its efforts to collect unpaid taxes from millionaire taxpayers.
Werfel also highlighted private jets ...