FACT SHEET: IRS Ramps Up New Initiatives Using Inflation …

Jan 12, 2024 · More than half a billion dollars recovered from millionaires who have not paid taxesWASHINGTON – The Internal Revenue Service (IRS) has made continued progress in expanding enforcement efforts related to high-income individuals, large corporations, and …

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IR-2024-233: U.S. Department Of The Treasury, IRS Announce $1.3 …

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Sep 6, 2024 · U.S. Department of the Treasury, IRS announce $1.3 billion recovered from high-income, high-wealth individuals under Inflation Reduction Act initiatives $172 million recovered …

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FACT SHEET: Two Years In, The Inflation Reduction Act Is Lowering …

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Aug 16, 2024 · Since January 2024, more than 250,000 Americans have claimed the Inflation Reduction Act's EV tax credits—either $7,500 off a qualified new electric vehicle, or up to …

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IRS Ramps Up New Initiatives Using Inflation Reduction Act Funding

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Feb 9, 2024 · IRS ramps up new initiatives using Inflation Reduction Act funding. More than $482 million recovered from 1,600 millionaires who have not paid tax debts. Under the Inflation …

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IRS Analysis: Inflation Reduction Act Funds To Raise More Revenue …

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Feb 9, 2024 · In a new white paper, the IRS boasted that modernization and enforcement efforts funded by the approximately $80 billion appropriation from the Inflation Reduction Act (PL 117 …

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FACT SHEET: Two Years In, The Inflation Reduction Act Is Lowering …

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Aug 16, 2024 · Since January 2024, more than 250,000 Americans have claimed the Inflation Reduction Act’s EV tax credits—either $7,500 off a qualified new electric vehicle, or up to …

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FAQs about FACT SHEET: IRS Ramps Up New Initiatives Using Inflation … Coupon?

What's going on with the inflation reduction act?

WASHINGTON — The Internal Revenue Service announced today continued progress to expand enforcement efforts related to high-income individuals, large corporations and complex partnerships as part of wider efforts to transform the agency. IRS Commissioner Danny Werfel noted Inflation Reduction Act resources continue to help in a variety of areas. ...

How does the inflation reduction act impact the IRS?

“Funding from the Inflation Reduction Act is helping spur innovation and improvement across the IRS to transform our operations in our work to help taxpayers and the nation,” said IRS Commissioner Danny Werfel. ...

How much money has the IRS collected since the inflation Reduction Act passed?

The IRS has now collected $122 million dollars in 100 of these already assigned 1,600 cases. Examples of cases closed since the Inflation Reduction Act passed follow: An individual last month was ordered to pay more than $15 million in restitution. ...

Does IRS compliance make good on the inflation reduction act?

"This new compliance push makes good on the promise of the Inflation Reduction Act to ensure the IRS holds our wealthiest filers accountable to pay the full amount of what they owe," said IRS Commissioner Danny Werfel. "The years of underfunding that predated the Inflation Reduction Act led to the lowest audit rate of wealthy filers in our history. ...

How many Americans benefited from inflation Reduction Act tax credits?

Last year, 3.4 million Americans benefited from $8.4 billion in Inflation Reduction Act tax credits to lower the cost of clean energy and energy efficiency upgrades in their homes – significantly outpacing projections of the popularity of the tax credits in just the first year they were available. ...

How many tax cases have been closed since the inflation Reduction Act passed?

As announced in September, the IRS has begun contacting about 1,600 new taxpayers in this category that owe hundreds of millions of dollars in taxes. The IRS has now collected $122 million dollars in 100 of these already assigned 1,600 cases. Examples of cases closed since the Inflation Reduction Act passed follow: ...