this post was submitted on 09 Sep 2023
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280
I.R.S. Deploys Artificial Intelligence to Target Rich Partnerships (www.nytimes.com)
submitted 1 year ago by [email protected] to c/[email protected]
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I.R.S. Deploys Artificial Intelligence to Target Rich Partnerships::The tax agency is opening examinations into large hedge funds, private equity groups, real estate investors and law firms.

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[โ€“] [email protected] 8 points 1 year ago (1 children)

Well, this is either going to save a fortune or cost a fortune. I place my bet on the latter. I don't think AI is good enough yet.

[โ€“] [email protected] 6 points 1 year ago

The former. Definitely the former. Catching all the data so they can go after the higher wage classes will finally allow more penalties that will pay for this in spades. Historically the IRS has gone after low wage earners who still claim 5+ credits on their tax returns, because it was easier. That's usually like $4k per person.