More Than $1 Billion in Past-Due Taxes Collected From Millionaires: IRS

Published on July 11, 2024

The Treasury Department and the Internal Revenue Service (IRS) announced Thursday that a tax-collection initiative has succeeded in netting more than $1 billion in back taxes from wealthy taxpayers. “The IRS in 2023 launched a new initiative to pursue high-income, high-wealth individuals who have failed to pay recognized tax debt,” the Treasury said in a July 11 press release. Last year, the IRS revealed it had collected $38 million from more than 175 of these targets. The agency then expanded the effort to 1,600 individuals leading to the billion-dollar collection. The campaign focused on taxpayers who have more than $1 million in income and more than $250,000 in tax debts....

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