this post was submitted on 09 Sep 2023
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This is the best summary I could come up with:
The Internal Revenue Service has started using artificial intelligence to investigate tax evasion at multibillion-dollar partnerships as it looks for ways to better police hedge funds, private equity groups, real estate investors and large law firms.
is using some of the $80 billion allocated through last year’s Inflation Reduction Act to target the wealthiest Americans and tackle the kinds of cases that had become too complex and cumbersome for the beleaguered agency to handle.
steady while holding on to some of the Inflation Reduction Act money that lawmakers had agreed to rescind as part of the debt limit deal, while House Republicans are pushing for far deeper cuts that would eat into the tax agency’s enforcement budget.
said it plans to increase scrutiny of digital assets as a vehicle for tax evasion and investigate how high-income taxpayers are using foreign bank accounts to avoid disclosing their financial information.
Mr. Werfel suggested that the technology would be deployed to identify “compliance threats” that have been difficult to spot and that it would help the agency reduce unnecessary audits.
Mr. Werfel warned that additional cuts to its annual budgets would require him to redirect money meant for upgrading the agency so that it can carry out basic tasks, and that ultimately taxpayers would bear the brunt of it.
The original article contains 1,158 words, the summary contains 216 words. Saved 81%. I'm a bot and I'm open source!
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