Millionaire Tax Evaders Beware: The IRS Is Coming

The IRS is targeting 1,600 millionaire tax evaders and 575 partnerships. Are you on the agency’s priority list?

Gold bank vault open with millions of dollars spilling out
(Image credit: Getty Images)

The IRS has collected about $160 million this year from its crackdown on wealthy taxpayers but isn't done going after millionaire tax evaders. With increased funding from the Inflation Reduction Act, the IRS can better identify wealthy taxpayers and corporations that owe back taxes. The project, described by the agency as a “sweeping, historic effort” to collect taxes owed, began this fall.

“We will increase our compliance efforts on those posing the greatest risk to our nation's tax system, whether it's the wealthy looking to dodge paying their fair share or promoters aggressively peddling abusive schemes. These steps are critical for the future of the nation's tax system," said IRS Commissioner Danny Werfel in a release.

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Katelyn Washington
Tax Writer

Katelyn has more than 6 years’ experience working in tax and finance. While she specializes in tax content, Katelyn has also written for digital publications on topics including insurance, retirement and financial planning and has had financial advice commissioned by national print publications. She believes that knowledge is the key to success and enjoys helping others reach their goals by providing content that educates and informs.