IRS Launches AI Tax Enforcement Crackdown

[tsptalk]

​IRS Launches 'Sweeping, Historic' Tax Enforcement Crackdown Using AI

The Internal Revenue Service (IRS) has announced that, thanks to a new funding boost, it's launching a "sweeping, historic" tax enforcement initiative using artificial intelligence and other cutting-edge technologies to catch tax evaders more effectively.

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The new enforcement thrust is said to focus on higher-earning Americans and big corporations, with the IRS pledging not to increase audit rates for people earning less than $400,000 per year.

https://www.theepochtimes.com/artic...tNpBQsAXrYuy0hgMAxPU4Z0oM7vAziANl5sqCgyMYbQ==

 

[rangerray]

An IRS pledge?


Scott Harrison
Senatobia, MS

 

[evilanne]

You want to make a wager on who will actually be targeted?

Using Cash App & Venmo etc you will get a tax document for sales over $600 in 2023 https://help.venmo.com/hc/en-us/articles/4407389460499-2023-Tax-FAQ

 

[Bullitt]

So the threshold goes from $20,000 to $600. Anyone with a "side hustle" is going to love this.

The biggest loser is anything crypto. Good luck finding the big fish though, they operate largely under an umbrella of fraud.

The IRS said Friday that initial reviews of taxpayer compliance in the digital currency sector have raised concerns, with a potential non-compliance rate as high as 75 percent among taxpayers identified through record production from digital currency exchanges.

 

[evilanne]

There was such an outcry from everyone that they didn't change it for 2023, looks like they are going phase it in with $5k (reduced from $20K) in 2024.
IRS announces 2023 Form 1099-K reporting threshold delay for third party platform payments; plans for a $5,000 threshold in 2024 to phase in implementation | Internal Revenue Service

Not too sure about IRS's AI capability, got a letter dated 29 Apr 2024 that I owed the amount they auto debited on 15 Apr plus interest & penalty