“The Internal Revenue Service (IRS) has announced that, thanks to a new funding boost, it’s launching a “sweeping, historic” tax enforcement initiative using artificial intelligence and other cutting-edge technologies to catch tax evaders more effectively…
The new enforcement thrust is said to focus on higher-earning Americans and big corporations, with the IRS pledging not to increase audit rates for people earning less than $400,000 per year…
As part of the new enforcement crackdown, the tax agency said that it would prioritize cases involving taxpayers earning over $1 million but with recognized tax debt of more than $250,000…
As part of the enforcement push, the IRS is expanding its Digital Assets Compliance Campaign, targeting taxpayers involved in digital currency transactions. The move comes in the wake of last month’s release of proposed regulations regarding broker reporting for digital assets.”