Deductions for megamansions and Ferraris: The IRS details tax dodges by the ultra-wealthy and says it recently squeezed 100 millionaires for $122 million in missing taxes

Fri, 10/20/2023 - 09:10

Tourists walk past the headquarters of the Internal Revenue Service near the National Mall on April 07, 2023 in Washington, DC.
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The IRS said it's made more progress in tracking down taxes millionaires owe.
They also closed some cases, including a taxpayer deducting expenses to build a mega-mansion.
There's more enforcement to come, thanks to the Inflation Reduction Act.

The IRS says its mission to crack down on higher-earning tax dodgers has yielded $122 million more from just 100 millionaires — and they've already closed several cases of particularly brazen evasion.