The IRS targeted those with incomes above $1 million and over $250,000 in tax debt|saturnism|CC BY-SA 2.0

The Internal Revenue Service (IRS) has cracked down on millionaires who owe taxes, collecting $160 million this year.

Bolstered by additional funding from the Inflation Reduction Act, the agency targeted those with incomes above $1 million and over $250,000 in tax debt.

Additionally, the IRS is ramping up efforts against non-compliant large corporations.

Since September, 100 cases have been resolved, amassing $122 million. Earlier, $38 million was collected from 175 high-income earners, contributing to the total sum.

The IRS crackdown aims to bridge the $688 billion “tax gap” from 2021.