Well, it’s getting real now for those who owe the IRS back taxes.
As part of continuing compliance efforts under the Inflation Reduction Act, the Internal Revenue Service today announced the agency has surpassed the $1 billion mark in collections from high-wealth taxpayers with past-due taxes. Sounds like they are patting themselves on the back.
The IRS has stepped up activity on 1,600 individuals whose incomes were more than $1 million per year and who each owed the IRS more than $250,000 in recognized tax debt. Since last fall, this IRS compliance effort has generated more than $1 billion in collections from this group, with work continuing in this area.
Years of funding declines meant the IRS couldn’t get to money that they knew was owed. Like a kid with a new Christmas present, they now have money and they want to play with it.
The IRS is certainly going after those non-filers where they get the biggest “bang for the buck”. With the new infusion of money and personnel, they will soon go after more moderate wage earners.
If you receive a CP14 or an LT38 letter in the mail from the IRS, please contact us. The IRS knows you’re out there. If you receive CP501, 503, or 504 letter, that means the IRS is losing their patience with you. If you receive a CP11 or a 1058 letter, you are in serious trouble and are about to have your bank levied, wages garnished, and/or assets taken. Set up a consultation immediately!
We have a plan to end your IRS problems.