One of the most effective tax administration agencies in the world is the IRS, a division of the Department of the Treasury. The IRS processed over 240 million tax returns and brought in nearly $3.5 trillion in revenue in the 2020 fiscal year.
Under Internal Revenue Code section 7801, the IRS is set up to perform the duties of the Secretary of the Treasury. The Internal Revenue laws can be fully administered and enforced by the secretary, who also has the authority to establish an agency to do so. On the basis of this legislative grant, the IRS was established.
The Internal Revenue Code, Section 7803, provides for the appointment of an Internal Revenue Commissioner to oversee and manage the implementation and application of internal revenue laws.
The News
The IRS has averted its eyes to another issue at hand. They have been vigilant towards an issue that has to be looked upon as a necessity for America and its development. The Internal Revenue Service announced a new initiative aimed at high-income taxpayers who have failed to file federal income tax returns in more than 125,000 cases since 2017 as part of the ongoing efforts to ensure fairness and improve tax compliance.
Thanks to funding from the Inflation Reduction Act, a new initiative has begun. This week, IRS compliance letters have been sent to over 125,000 individuals whose tax returns have not been filed since 2017. More than 25,000 of the mailings are intended for individuals whose income exceeds $1 million, and more than 100,000 are intended for those whose income falls between $400,000 and $1 million for the tax years 2017–2021.
As Republicans in Congress continue to try to reclaim the money, including a $20 billion cut as part of a top-line spending agreement, the IRS is keen to demonstrate that the additional $80 billion is having a noticeable impact. The new tab for fiscal 2024 opens. It reported that taxpayer phone wait times were decreasing as this year’s tax filing season got underway, and it had recently collected close to $500 million from 1,600 “millionaires” who did not file.
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