The IRS is cracking down on a tax loophole for the rich. The effort could raise $50 billion.
CBSN
The IRS could raise more than $50 billion in revenue over the next decade by ending a major tax loophole for wealthy taxpayers, the U.S. Treasury Department said Monday.
The guidance and ruling being announced Monday includes plans to essentially stop "partnership basis shifting" — a process by which a business or person can move assets among a series of related parties to avoid paying taxes. The Treasury Department described the technique as "abusive," with no other economic benefit than avoiding taxation.
The push to eliminate the loophole comes amid a push from the IRS to increase its audits of wealthy tax cheats in an effort to boost revenue. About $80 billion in new funding was directed to the tax agency by the Inflation Reduction Act, which was signed into law in 2022 by President Joe Biden, and officials on Monday said that the additional money has enabled increased oversight and greater awareness of the practice of basis shifting.
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