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

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

Annuities for RIAs: Why fee-only advisors still hit a wall
Annuities for RIAs: Why fee-only advisors still hit a wall

Halbert Hargrove senior wealth advisor weighs in on the products' guaranteed income upside, the operational drag and his wish list for carriers.

Broker-dealers must lean on tech, brand as advisors weigh options
Broker-dealers must lean on tech, brand as advisors weigh options

With 8.6% of advisors set to switch firms in 2026, Cerulli says advisor recruitment hinges on technology, branding and HNW support.

Advisor vs. advisor, Seattle showdown in fight for clients
Advisor vs. advisor, Seattle showdown in fight for clients

“I’m seeing more disputes like this between advisors and other advisors at the same practice,” said one industry executive.

Great Wealth Transfer might give way to a 'mirage,' Dunham research warns
Great Wealth Transfer might give way to a 'mirage,' Dunham research warns

Longer retirements and steady inflation could drain retiree portfolios before heirs inherit, with 4% net returns running dry by year 34.

Investors sue Coastal Financial after one fintech partner erases $470M
Investors sue Coastal Financial after one fintech partner erases $470M

A single fintech partner triggered a $68.8M credit hit.

SPONSORED In the Age of AI, Trust Becomes the Advisor's Greatest Asset

As AI makes financial information more accessible than ever, Lana Hock explains why human judgment, trust, and empathy remain the qualities clients value most in a financial advisor

SPONSORED Direct indexing webinar targets tax-loss harvesting amid market swings

Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains