this post was submitted on 27 Feb 2024
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The U.S. Internal Revenue Service is seeking to use an infusion of funding to keep up with the ever-evolving tax maneuvers of the ultra-rich — while staving off frequent political attacks.

A pair of U.S. Internal Revenue Service agents are attempting to interview a billionaire they suspect of cheating on his taxes. But across the table from the agents is a formidable entourage of esteemed tax professionals hired to defend the billionaire. They include white-shoe attorneys — each of whom knows more about their own arcane corner of tax law than just about anyone on earth — along with highly specialized accountants and economists.

Neither of the two IRS agents has a law degree. Complex arguments from the billionaire’s entourage fly over their heads. The IRS agents are outmatched by a team whose combined years of experience in tax law and accounting exceed their own by over a century.

This stark example, laid out by former IRS officials in interviews with the International Consortium of Investigative Journalists, isn’t a hypothetical so much as a glimpse into the agency’s regular challenges in auditing the United States’ highest earners. These battles often come down to experience and expertise. The IRS has been losing, former officials said.

...

A historic push is now underway to change this dynamic. In mid-2022, the Inflation Reduction Act delivered the IRS a historic $80 billion — in part, to bulk up the agency’s divisions that audit millionaires, billionaires and large corporations. After years of pitiful enforcement rates against wealthy taxpayers, the agency is embarking on an unprecedented push to step up its capabilities and hone its ability to take on the ultra-rich.

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[–] kurwa@lemmy.world 5 points 8 months ago (1 children)
[–] RedditWanderer@lemmy.world 7 points 8 months ago (1 children)

Funding controlled by the elite who have all the reasons to be more lax with millionaires and billionaires..they think the middle class should pay for everything, we're the one's who are "too stupid to be rich"..

[–] ripcord@lemmy.world 1 points 8 months ago

...Which they just gave $80 billion to, to go after the millionaires and billionaires.

People here are complaining that they're not doing a thing they want, in the article specifically about them finally doing the thing they want.

Nothing can ever, ever be good or positive - we get it - but find something else to shit on maybe? Or read the article first...?