IRS Continues Ramping Up Tax Enforcement for Millionaires

IRS tax enforcement has led to the collection of $520 million from tax-evading millionaires. But the agency isn’t done making the wealthy pay up.

Large bank vault that is open for IRS tax enforcement story
(Image credit: Getty Images)

The IRS has allocated more of its resources provided by the Inflation Reduction Act (IRA) to tax enforcement, and tax-evading millionaires and billionaires continue to be targets. The agency recently collected taxes from 1,600 millionaires, resulting in a total of $520 million recovered for the U.S. government since implementing the new initiatives. And the IRS is nowhere near done making the wealthy pay their share.

"We are adding staff and technology to ensure that the taxpayers with the highest income, including partnerships, large corporations and millionaires and billionaires, pay what is legally owed under federal law," said IRS Commissioner, Danny Werfel.

Subscribe to Kiplinger’s Personal Finance

Be a smarter, better informed investor.

Save up to 74%

Sign up for Kiplinger’s Free E-Newsletters

Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.

Profit and prosper with the best of expert advice - straight to your e-mail.

Sign up

To continue reading this article
please register for free

This is different from signing in to your print subscription

Why am I seeing this? Find out more here

Katelyn Washington
Former Tax Writer

Katelyn has more than 6 years of experience working in tax and finance. While she specialized in tax content while working at Kiplinger from 2023 to 2024, Katelyn has also written for digital publications on topics including insurance, retirement, and financial planning and had financial advice commissioned by national print publications. She believes knowledge is the key to success and enjoys providing content that educates and informs.