The Internal Revenue Service is intensifying its efforts to crack down on wealthy tax cheats by closing tax loopholes and increasing audit rates. With funding from the Democrat-backed Inflation Reduction Act, the IRS aims to collect $50 billion over 10 years by targeting business partnerships that exploit tax laws to avoid paying their fair share. Treasury Secretary Janet Yellen praised the initiative for stopping longstanding abuses and maximizing tax revenue. However, Republicans have criticized the move as wasteful spending. The IRS is focusing on basis shifting transactions, where business partnerships manipulate funds to minimize tax liabilities. Through increased audits and hiring additional experts, the agency is striving to ensure fairness and compliance among taxpayers. Furthermore, the IRS is enhancing taxpayer services with funds from the Inflation Reduction Act, including launching a free tax filing service. The agency's overhaul aims to modernize operations and increase tax compliance while protecting low and middle-income earners from excessive audit rates.