IRS announces continued enforcement efforts related to high-income individuals, large corporations, complex partnerships
The IRS announced continued progress to expand enforcement efforts related to high-income individuals, large corporations, and complex partnerships.
IRS announces enforcement efforts related to high-income individuals, large corporations
The IRS today announced—as part of a quarterly update on the IRS Strategic Operating Plan—continued progress to expand enforcement efforts related to high-income individuals, large corporations, and complex partnerships. For background, read TaxNewsFlash and TaxNewsFlash
According to today’s IRS release—IR-2024-9 (January 12, 2024)—initiatives aimed at ensuring complex partnerships, large corporations, and high-income, high-wealth individual taxpayers pay the taxes they owe include:
- Prioritization of high-income cases
- Pursuing multi-million-dollar partnership balance sheet discrepancies
- Ramp up of audits of 76 largest partnerships leveraging Artificial Intelligence (AI)
- Large foreign-owned corporations transfer pricing initiative
- Expansion of the large corporate compliance program
- Partnership self-employment tax initiative
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