The United States will use artificial intelligence to combat tax evasion

In a statement from the US Internal Revenue Service (IRS), it was claimed that the abuse of tax laws by large companies and high income earners undermines the fairness of the tax system. Therefore, it was reported that the IRS will intensify its audits with a greater focus on these groups.

The statement noted that the IRS will use artificial intelligence and advanced technologies to detect tax evasion more quickly and easily. In this way, taxpayers will be prevented from having to face unnecessary audits and tax compliance will be increased.

As part of its new effort, the IRS will make sure audit fees don’t go up for those who make less than $400,000 a year.

Work to be done as part of the new IRS effort:

* Studies will be intensified on taxpayers with net income greater than 1 million dollars and tax debt greater than 250 thousand dollars.

* The IRS will have dozens of revenue officers focused on these top collection cases in tax year 2024.

* The IRS will work to expand this effort by contacting nearly 1,600 taxpayers who owe hundreds of millions of taxpayer dollars.

* The IRS will launch a review of 75 of America’s largest corporations, including hedge funds, real estate investment trusts, publicly traded corporations, large law firms and other industries averaging more than $10,000 million in assets.

* IRS Commissioner Danny Werfel said the new effort fulfills the IRS’s promise to hold wealthier taxpayers accountable for paying the full amount they owe. (AA)