9621 Agnes Crossing, Lake Suzanneview, New Mexico Island 84604-9295.
[Síguenos ahora también en WhatsApp. Da clic aquí] The US Treasury Department and the Internal Revenue Service (IRS) announced on Friday that they had succeeded in restoring 1.3 billion
[Síguenos ahora también en WhatsApp. Da clic aquí]
The US Treasury Department and the Internal Revenue Service (IRS) announced on Friday that they had succeeded in restoring 1.3 billion dollars high-income people who have not filed taxes in recent years, thanks to funds Inflation Reduction Act President Joe Biden.
The department issued a statement outlining the information, which will be announced Friday by Treasury Secretary Janet Yellen and IRS Commissioner Danny Werfel at an event in Austin, Texas.
On the one hand, in February 2024, the IRS came up with an initiative Go after 125,000 high-income taxpayers and wealthy people who haven’t filed taxes since 2017.
These are cases where the IRS received information from third parties indicating that those individuals had income of between $400,000 and $1 million or more but failed to file a tax return.
Photo: Reuters
Before the Inflation Reduction Act, the IRS’ non-filer program had operated sporadically since 2016 due to severe budget and staffing constraints that prevented it from processing the cases, the Treasury Department said.
Thanks to new funding from the Inflation Reduction Act, that opportunity now exists, he adds.
In the first six months of the initiative, nearly 21,000 of these wealthy taxpayers filed their returns, allowing the state to recoup $172 million in taxes.
On the other hand, in the fall of 2023, the IRS launched a new initiative that uses funding from the Inflation Reduction Act to go after wealthy, high-income individuals who have failed to pay recognized tax debt.
This work is targeted at taxpayers with income over $1 million and recognized tax liability over $250,000.
Strengthening the staff dedicated to this pursuit task, which was previously impossible due to lack of resources, has made it possible to collect the debts of almost 80% of the 1,600 millionaires with tax debts.
A situation that allowed the US government to recover more than $1.1 billion.
EFE
Source: Aristegui Noticias
As an experienced journalist and author, Mary has been reporting on the latest news and trends for over 5 years. With a passion for uncovering the stories behind the headlines, Mary has earned a reputation as a trusted voice in the world of journalism. Her writing style is insightful, engaging and thought-provoking, as she takes a deep dive into the most pressing issues of our time.
