IRS Says It Has Recovered $500 Million From Wealthy Taxpayers

The IRS is touting its recent enforcement efforts to collect millions from partnerships, large companies, and wealthy individuals to help close a giant tax gap, even as the agency stares down billions in expected cuts to its supplemental funding.

Over half a billion dollars has been recovered from millionaires with large tax debts since the start of Internal Revenue Service initiatives, the agency said Thursday. Last year, the IRS announced it would contact about 1,600 new millionaires about outstanding tax debt. Of these cases, the agency has collected $482 million from 900 ...