IRS cracking down on 1,600 millionaires over back taxes

The IRS is launching an initiative to crack down on 1,600 millionaires and 75 large businesses it says owe hundreds of millions of dollars in back taxes, the agency announced Friday.The program takes advantage of additional funding for the agency included in the Inflation Reduction Act, which added funding to hire and replace 87,000 employees.The audit rates on people making less than $400,000 per year will not change."The years of underfunding that predated the Inflation Reduction Act led to th