Wealthy tax dodgers targeted by IRS new agent hires

Wealthy tax dodgers targeted by IRS new agent hires
Tax officials will focus on high earners and corporations that are not paying their fair share.
SEP 18, 2023
By  Bloomberg

The IRS plans to hire 3,700 employees to help fuel its efforts to target large corporations and complex partnerships.

Democrats’ Inflation Reduction Act set aside tens of billions of dollars to allow the IRS to intensify its enforcement of tax cheats. The Friday announcement followed agency news last week that it would open examinations for 75 of the largest US partnerships by the end of September.

The new positions, which will be open in more than 250 locations, will help ramp up the IRS compliance efforts against high-income earners, partnerships, large corporations, and promoters, the IRS said in a press release.

“This next wave of hiring will help the IRS add key talent like tax accountants to help reverse a decade-long decline of audits for the wealthy as well as complex partnerships and corporations,” IRS commissioner Danny Werfel said in the release.

The agency is looking for specialized technical positions that focus on audits, the release said.

In August, Werfel said the IRS was approaching its milestone of increasing its workforce to 90,000 full-time equivalent employees as it battles hiring new employees and attrition.

The recent hiring announcement comes at a time where Werfel is pressing Congress to not make future budget cuts as Republican lawmakers threaten to cut the IRS the agency’s annual appropriation.

Latest News

Advisor moves: Wells Fargo FiNet, LPL Financial, Raymond James, Janney, Ameriprise
Advisor moves: Wells Fargo FiNet, LPL Financial, Raymond James, Janney, Ameriprise

Firms announce new recruits including wirehouse breakaways.

Ashton Thomas-linked Amplify debuts QuantumRisk to help RIAs weather market shocks
Ashton Thomas-linked Amplify debuts QuantumRisk to help RIAs weather market shocks

"QuantumRisk, by design, recognizes that these so-called “impossible” events actually happen, and it accounts for them in a way that advisors can see and plan for," Dr. Ron Piccinini told InvestmentNews.

Turning conversations into clients: Attract prospects and gain new clients with these five strategies
Turning conversations into clients: Attract prospects and gain new clients with these five strategies

Advisors who invest time and energy on vital projects for their practice could still be missing growth opportunities – unless they get serious about client-facing activities.

Tax Foundation analysis highlights biggest OBBBA beneficiary states, counties
Tax Foundation analysis highlights biggest OBBBA beneficiary states, counties

The policy research institution calculates thousands in tax cuts for Washington, Wyoming, and Massachusetts residents on average, with milder reductions for those dwelling in wealth hotspots.

Meltdown of some Yieldstreet real estate funds raises eyebrows from financial advice industry
Meltdown of some Yieldstreet real estate funds raises eyebrows from financial advice industry

Yieldstreet real estate funds turned out to be far riskier than some clients believed them to be, according to CNBC.

SPONSORED How advisors can build for high-net-worth complexity

Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.