The Treasury and IRS announced a new crackdown on tax planning through complex partnerships, a move the Biden administration contends will raise $50 billion.
loophole” used by complex partnerships, the Treasury Department said. If the “loophole” is closed, it would raise an estimated $50 billion over the next decade.
Previously, the IRS was underfunded and audit rates on the complex structures fell, according to the administration. After studying the matter for a year, on Monday the Treasury and IRS announced they would propose regulations under current regulatory authority to stop such actions. Under President Joe Biden, the IRS has increased efforts to audit the wealthy in the hopes of reeling in more tax revenue. The IRS was infused with new funding by the Democratic-backed 2022 Inflation Reduction Act, which Biden and Democrats hope will help increase audits and tax receipts.
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