The IRS is taking steps to end a major tax loophole for wealthy taxpayers that could generate more than $50 billion in revenue over the next decade. This move comes as part of the U.S. Treasury Department's efforts to crack down on tax avoidance practices such as "partnership basis shifting" which allows assets to be moved among related parties to avoid taxes. With increased funding and oversight, the IRS aims to address the estimated $160 billion gap between what the top 1% of earners owe in taxes and what they currently pay. By raising audit rates on large companies and targeting high-wealth tax cheats, the IRS is intensifying its efforts to ensure tax compliance and fairness in the system. This initiative is part of a broader strategy to close loopholes and pursue tax evaders, ultimately increasing tax revenues and promoting greater equity in the tax system.