The IRS has collected more than $1 billion in past-due taxes from millionaires over the past year, Anna Sulkin Stern reported for WealthManagement.
Danny Werfel, the IRS commissioner, said those efforts were only made feasible because of the funding provided by the Biden-era Inflation Reduction Act.
The IRS released a report in February showing that the agency could increase revenue by up to $561 billion over the next 10 years thanks in no small part to the IRA’s infusion of tens of billions of dollars to help the IRS hire more staff and improve technology systems.
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