The IRS says it has collected an additional $360 million in overdue taxes from delinquent millionaires

The IRS says it has collected an additional $360 million in overdue taxes from delinquent millionaires, per AP.

The IRS reports an additional $360 million in recovered overdue taxes from delinquent millionaires as part of ongoing efforts to modernize the agency using funds from the Inflation Reduction Act. Agency leaders held a briefing to highlight progress made with the funds allocated through the Act, signed into law by Democrats in August 2022. Combined with the $122 million collected in October, the IRS has now recouped nearly half a billion dollars in back taxes from wealthy tax evaders. This update comes amid concerns about potential funding cuts facing the IRS, with previously agreed-upon reductions included in the debt ceiling and budget cuts package. While the agency anticipates challenges, Commissioner Daniel Werfel expressed the intent to spend the allocated funds over the next decade and maintain a consistent annual appropriation for optimal impact. As the IRS braces for a more severe round of funding cuts, the agency emphasizes the positive impact of Inflation Reduction Act funding and hopes for policymakers to consider restoring funding to sustain momentum. The 2024 tax season is set to begin on Jan. 29, according to the IRS.