IRS Leverages Funding, AI to Increase Enforcement on High-Income Earners and Large Partnerships

The IRS is targeting millionaires, hedge funds, law firms, and large partnerships that owe hundreds of millions in back taxes.
The agency received increased funding and plans significant hiring to expand audits of high-income individuals and businesses.
With new AI tools, the IRS aims to identify and investigate tax avoidance more efficiently.
The IRS will begin compliance initiatives in October, examining 75 large partnerships and warning 500 more.
However, some Republicans oppose the IRS's increased funding, which could limit future enforcement capabilities.