The U.S. Internal Revenue Service is seeking to use an infusion of funding to keep up with the ever-evolving tax maneuvers of the ultra-rich — while staving off frequent political attacks.
A pair of U.S. Internal Revenue Service agents are attempting to interview a billionaire they suspect of cheating on his taxes. But across the table from the agents is a formidable entourage of esteemed tax professionals hired to defend the billionaire. They include white-shoe attorneys — each of whom knows more about their own arcane corner of tax law than just about anyone on earth — along with highly specialized accountants and economists.
Neither of the two IRS agents has a law degree. Complex arguments from the billionaire’s entourage fly over their heads. The IRS agents are outmatched by a team whose combined years of experience in tax law and accounting exceed their own by over a century.
This stark example, laid out by former IRS officials in interviews with the International Consortium of Investigative Journalists, isn’t a hypothetical so much as a glimpse into the agency’s regular challenges in auditing the United States’ highest earners. These battles often come down to experience and expertise. The IRS has been losing, former officials said.
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A historic push is now underway to change this dynamic. In mid-2022, the Inflation Reduction Act delivered the IRS a historic $80 billion — in part, to bulk up the agency’s divisions that audit millionaires, billionaires and large corporations. After years of pitiful enforcement rates against wealthy taxpayers, the agency is embarking on an unprecedented push to step up its capabilities and hone its ability to take on the ultra-rich.
And, of course, Republicans want to take away their funding. Can’t imagine why.
oh when I saw the title I thought it was a meme showing people sleeping or something, this unit exist? Poor guys, they are 2 without knowledge :-(
Those two guys? Thunder and Lightning. [ kisses bicep ]
A Rundown reference? In the wild??
Set up a commission on what they manage to claw back, should attract some top talent.
If this is the case, why has this IRS team not brought in bigger guns? Hire some tax experts and some attorneys to face these billionaires.
Is that not what they’re doing?
That’s when the government would hire an even better team than what the billionaires have. Pay them well and let them have at it. Our government doesn’t care enough
Wonder why they never thought of that?! You must be a genius to have come up with such a novel idea as this!!
As the article states, there are laws limiting the pay of federal employees. The IRS can’t match the $500k salaries the corporate tax lawyers get.
We’re talking about the country that legalized bribery decades ago lol
The unit couldn’t be reached for comment as they’re all off on Caribbean cruises
I don’t think that’s fair, I’m sure there are plenty of people in the bureaucracy of any government that simply want to do a good job in service of their country.
But as the article suggests they are generally outmatched by the best lawyers and accountants money can buy, all working solely with the objective of saving their master as many taxes as possible. And then backstabbed by corrupt politicians who cut their funding and dismantle legislation at the will of big money lobbyists, who are also working to save their masters as much money as possible.
Yes. Government workers are overcompensated. Right.
