Reported 8 months ago
The IRS is aiming to close a significant tax loophole utilized by wealthy taxpayers known as 'partnership basis shifting,' which enables the evasion of taxes. This initiative is expected to generate over $50 billion in revenue over the next decade, according to the U.S. Treasury Department. Recent increased IRS funding has allowed for greater oversight, revealing the prevalence of these tax avoidance practices among high-wealth individuals and businesses.
Source: YAHOO