IRS Billionaire Audit Unit Loses 38% of Staff Amidst Funding Cuts
The IRS’s Global High Wealth unit, responsible for auditing the ultrawealthy, has suffered a 38% employee loss this year, significantly impacting ongoing audits. This drastic reduction, exceeding overall IRS losses, stems from the Trump administration’s workforce cuts, including terminations and buyouts. The unit’s diminished capacity hinders efforts to recover substantial tax revenue from high-net-worth individuals, reversing recent initiatives to increase tax enforcement among this group. These losses, affecting a unit specializing in complex tax schemes, leave numerous investigations incomplete or stalled.
John Q. Hosedrinker