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The Internal Revenue Service said this month it has collected $520 million in taxes owed by 1,600 millionaires.
The agency said it continues to focus enforcement efforts with high-income individuals, large corporations and complex partnerships.
The IRS says it continues to pursue millionaires who have not paid hundreds of millions of dollars in taxes. The agency said it pulled in an extra $360 million on top of $122 reported in late October.
Collection efforts center on taxpayers with more than $1 million of annual income and more than $250,000 in recognized tax debt. Cases of more than 900 of 1,600 millionaires to revenue officers with more than $480 million collected.
Bob Scott has provided information to the tax and accounting community since 1991, first as technology editor of Accounting Today, and from 1997 through 2009 as editor of its sister publication, Accounting Technology. He is known throughout the industry for his depth of knowledge and for his high journalistic standards. Scott has made frequent appearances as a speaker, moderator and panelist and events serving tax and accounting professionals. He has a strong background in computer journalism as an editor with two former trade publications, Computer+Software News and MIS Week and spent several years with weekly and daily newspapers in Morris County New Jersey prior to that. A graduate of Indiana University with a degree in journalism, Bob is a native of Madison, Ind
The Internal Revenue Service said this month it has collected $520 million in taxes owed by 1,600 millionaires.
