Paul Sullivan, in his New York Times article, discusses the Biden Administration’s plan to revive the IRS. His article, “Plan to Revive I.R.S. ‘Wealth Squad’ Puts the Richest on Notice,” begins as follows:
Many legal tax strategies that the wealthy have long used to minimize their taxes are likely to come under new scrutiny by the Internal Revenue Service.
And as a first step in dealing with the new attention, tax experts agreed, the wealthy and slightly-less-wealthy should keep better records.
President Biden has proposed adding $80 billion to the Internal Revenue Service budget and giving the agency more authority to crack down on tax evasion by high-earners and large corporations. And that was before the reports of how little in taxes the richest Americans paid from 2014 to 2018, which have intensified interest in Congress in the tax code.
To see the full article, click: “Plan to Revive I.R.S. ‘Wealth Squad’ Puts the Richest on Notice.”
Posted by Bella Hoang, Managing Associate Editor, Wealth Strategies Journal.