IRS Targets Millionaires and Large Corporations with New Business Tax Accounts

The IRS is intensifying its efforts to target high-income individuals, partnerships, and large corporations in order to close the tax gap, which is estimated to be $688 billion. The agency has identified thousands of taxpayers who owe hundreds of millions of dollars in taxes and has collected $122 million in 100 of these cases. The IRS is also focusing on compliance efforts for U.S. subsidiaries of foreign companies, particularly in relation to transfer pricing. Additionally, the agency is cracking down on section 199 abuse and working on improving taxpayer service through expanded in-person assistance and enhanced online functionality.