IRS Utilizes AI to Target Wealthy Partnerships and Boost Tax Collection
The Internal Revenue Service (I.R.S.) is using artificial intelligence to investigate tax evasion at large partnerships, including hedge funds, private equity groups, real estate investors, and law firms. The I.R.S. aims to crack down on tax cheats and raise federal revenue by targeting the wealthiest Americans. The agency plans to open examinations of 75 of the nation's largest partnerships and send compliance alerts to other partnerships with discrepancies in their balance sheets. The I.R.S. is also dedicating resources to pursue millionaires who owe unpaid taxes and increase scrutiny of digital assets and foreign bank accounts. The use of artificial intelligence will help identify compliance threats and reduce unnecessary audits.