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AI-Powered Measures in the US Take Aim at Wealthy Tax Dodgers

NFT, crypto
Published 7 months ago
ID #2038
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AI-Powered Measures in the US Take Aim at Wealthy Tax Dodgers
NFT, crypto,
Published 7 months ago

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The Internal Revenue Service (IRS) will conduct an analysis of 75 major partnerships, each of which has more than $10 billion in assets.

The United States Internal Revenue Service (IRS) is set to harness artificial intelligence (AI) to investigate potential tax evasion by the wealthy and large corporations, as stated in a statement released this Friday.

The IRS's policy will focus on paying more attention to the wealthy, corporations, and other major taxpayers who have seen a drastic decline in audit rates for these taxpayer segments over the past decade. "The changes will be driven with the assistance of enhanced technology, as well as artificial intelligence that will help IRS compliance teams better detect tax fraud, identify emerging compliance threats, and enhance case selection tools to prevent unnecessary 'no change' audits on taxpayers," emphasizes the statement.

According to the document, in 2021, the IRS initiated the first phase of a program that monitors tax compliance by the country's largest partnerships, and it is now expanding it. It is noted that AI will help "identify potential compliance risk in the areas of corporate taxation, general income tax, and accounting, and international taxes within a taxpayer segment that has historically been subject to limited audit coverage."

The IRS will examine 75 of the largest corporations in the United States, representing sectors such as hedge funds, real estate investment partnerships, publicly traded companies, large law firms, and other sectors. On average, each of these partnerships has more than $10 billion in assets," the statement reads.

Additionally, Daniel Werfel, IRS Commissioner, pointed out that 1,600 American millionaires, each of whom owes at least $250,000, will also undergo AI-based scrutiny. "New tools are helping us see patterns and trends that we couldn't see before, and as a result, we have greater confidence in where to look and find where major partnerships shield income," emphasized Werfel, as quoted by Fortune magazine.

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    IRS Tax Evasion AI Wealthy Corporations Compliance Technology Audit Rates