In February, the IRS launched its plan to pursue 125,000 “high-income, high-wealth taxpayers” who had not filed taxes since 2017.
The IRS focused people whose third-party supplies together with a W-2 or 1099 type indicated that that they had acquired revenue however didn’t file their tax returns.
The Treasury Division credited the Biden administration’s Inflation Discount Act for giving the IRS extra funding to do that work.
These funds have been a tense political situation.
Republicans clawed again a portion of the funds, arguing middle-class taxpayers may very well be focused. The Biden administration has stated the funds are getting used solely to go after rich taxpayers.
“Previous to the Inflation Discount Act, the IRS non-filer program ran sporadically since 2016 as a result of extreme funds and workers limitations that didn’t enable these circumstances to be pursued,” the Treasury Division stated.
Inside the first six months of this system, almost 21,000 of these high-income taxpayers have filed, resulting in $172 million in taxes being paid up to now, in response to the division.
“Practically 80% of those 1,600 millionaires with delinquent tax debt don’t have any made a fee, resulting in over $1.1 billion recovered,” the division stated.
“That is an extra $100 million simply since July, when Treasury and IRS introduced reaching the $1 billion milestone.”
The Hill’s Lauren Irwin has more here.