WASHINGTON – Today, the U.S. Department of the Treasury and Internal Revenue Service (IRS) outlined the accomplishments achieved in the first year of implementation of the Strategic Operating Plan, a comprehensive roadmap to transform the IRS using Inflation Reduction Act resources.
The Strategic Operating Plan shows how the IRS is using Inflation Reduction Act resources to work for the American people—providing world-class customer service, modernizing technology, and reducing the deficit by hundreds of billions of dollars by strengthening enforcement among high-income and high-wealth individuals, complex partnerships, and large corporations.
“Thanks to resources from President Biden’s Inflation Reduction Act, the IRS has made major progress in the first year of implementation of its plan to ensure the agency is delivering for American taxpayers,” said Secretary of the Treasury Janet L. Yellen. “The IRS has improved customer service, modernized technology, and worked to ensure wealthy individuals, complex partnerships, and large corporations pay taxes owed.”
Using artificial intelligence (AI) and advanced analytics to help select complex partnerships for audits, IRS has launched audits of 76 of the largest partnerships, with average assets of $10 billion that represent a cross section of industries including hedge funds, real estate investment partnerships, publicly traded partnerships, large law firms and other industries. The IRS is also launching audits of the 60 largest corporate taxpayers, with average assets of $24 billion.
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