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IRS Adopts AI To Catch Tax Evasion And Other Forms Of Fraud

“The nation relies on the IRS to collect funding for every critical government mission — from keeping our skies safe, our food safe and our homeland safe. It’s critical that the agency addresses fundamental gaps in tax compliance that have grown during the last decade,” the IRS Commissioner said.

As part of the $80 million in funding designated to the Internal Revenue Service (IRS) from the Inflation Reduction Act, the IRS announced earlier this month that they will be integrating artificial intelligence (AI) to sniff out tax cheats and tax evasion, namely from wealthier Americans, the IRS says.

The New York Times brought the news to foray on September 9th, stating that the use of AI is ‘to investigate tax evasion at multibillion-dollar partnerships as it looks for ways to better police hedge funds, private equity groups, real estate investors and large law firms.’

Read Full Article Here…(winepressnews.com)


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