IRS Announces It Has Recovered $1.3 Billion From Wealthy Taxpayers by Increasing Enforcement

The IRS said on Friday that it has recovered more than $1.3 billion from wealthy U.S. taxpayers by increasing its enforcement measures after the Inflation Reduction Act was passed. Announced in a news release, the agency said in an update that it has recovered $172 million from 21,000 “wealthy taxpayers” who haven’t filed tax returns since 2017. That tax revenue was collected in the first six months of the initiative, it said. The agency launched its initiative in February to go after certain wealthy taxpayers who hadn’t filed returns since 2017. The IRS said it had received third-party information—including from W-2 tax forms filed by others—that suggested those individuals have an income between $400,000 and $1 million or more, but didn’t file their returns....