IRS Algorithms Interdicting Equity Fund Frauds

[Number Six]

https://www.nytimes.com/2023/09/08/us/p ... ships.html

"Mr. Werfel explained that artificial intelligence is helping the I.R.S. identify patterns and trends, giving the agency greater confidence that it can find where larger partnerships are shielding income. That is leading to the kinds of major audits that the I.R.S. might not have previously tackled."

"The agency said it would open examinations into 75 of the nation’s largest partnerships, which were identified with the help of artificial intelligence, by the end of the month. The partnerships all have more than $10 billion in assets and will receive audit notices in the coming weeks.

"More audits are likely to come. In October, the I.R.S. will send 500 notifications, known as compliance alerts, to other large partnerships indicating that the agency has found discrepancies in their balance sheets. These partnerships could also face audits if they cannot explain the differences in their balances from the end of one year to the start of the next.

"The focus on partnerships is part of a broader push by the I.R.S. to scrutinize wealthier taxpayers in 2024. Mr. Werfel said that the agency is dedicating dozens of revenue officers to pursue 1,600 millionaires who the I.R.S. believes owe at least $250,000 in unpaid taxes.

"In the coming year, the I.R.S. said it plans to increase scrutiny of digital assets as a vehicle for tax evasion and investigate how high-income taxpayers are using foreign bank accounts to avoid disclosing their financial information.

"The use of artificial intelligence at the I.R.S. opened it up to fresh criticism from those who complain that it cannot be trusted with taxpayer data."

Does anyone know when the audit letters will be coming out?

[Number Six]

Microsoft was cited by the IRS as having a whopping tax liability:

https://www.propublica.org/article/irs- ... o-billions