IRS Gets Tough on Rich People and Big Companies for Tax Avoidance
IRS Talks ‘Inequity Gap’. (PHOTO: NBC 6)
Where Rich People Live, Cryptocurrency Use, and Estate Tax Tricks
The IRS is cracking down on rich people who haven’t paid their taxes especially big companies complex partnerships and wealthy individuals according to CNB News. The head of the IRS says they want to audit these groups more often because not enough audits have been done in the past. They’ve already collected lots of money from rich people who didn’t pay their taxes and they want to collect even more to make things fair for everyone. They’ll also pay attention to where rich people live if they’re hiding money overseas and if they’re using cryptocurrency to avoid taxes. The IRS might also check estate and gift tax returns more carefully especially if they think people are trying to pay less tax than they should. They’ll also look into things like business income and losses more closely.
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Tax Experts Observe as IRS Targets Tax Evaders with Advanced Technology
Tax professionals are watching closely to see where the IRS focuses its attention next. The IRS is using technology to help find people who aren’t paying their taxes which shows they’re serious about making sure everyone pays what they owe. This means rich people and big companies will have to be more careful about following tax rules to avoid getting audited.
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