Overview
On November 18, 2022, Bloomberg Government quoted Eli Akhavan in a piece titled "Ultra-Rich Tax Cheats Face New $80 Billion Threat From the IRS." The article discusses how the Internal Revenue Service (IRS) will be targeting wealthy Americans who cheat on their taxes. $80 billion was earmarked for the IRS through President Biden’s Inflation Reduction Act over the next 10 years and is expected to raise as much as $1 trillion through forcing tax evaders to pay their share. Opponents of this believe there will not be nearly as much money made as expected and will only create resentment from wealthy taxpayers. There is also a likelihood that the Biden administration could use the $104.5 million earmarked for the Treasury's Office of Tax Policy to hire staff to create new requirements to get rid of tax-avoidance methods.
Akhavan said "audits are going to go up," however, he tells his high-net-worth clients that they have nothing to worry about as long as they follow proper advice.
The full article can be read at Bloomberg Government.