Business
The IRS Plans to Crack Down on 1,600 Millionaires to Collect Millions of Dollars in Back Taxes
Published
3 years agoon
WASHINGTON (AP) — The IRS announced on Friday it is launching an effort to aggressively pursue 1,600 millionaires and 75 large business partnerships that owe hundreds of millions of dollars in past due taxes.
IRS Commissioner Daniel Werfel said that with a boost in federal funding and the help of artificial intelligence tools, the agency has new means of targeting wealthy people who have “cut corners” on their taxes.
“If you pay your taxes on time it should be particularly frustrating when you see that wealthy filers are not,” Werfel told reporters in a call previewing the announcement. He said 1,600 millionaires who owe at least $250,000 each in back taxes and 75 large business partnerships that have assets of roughly $10 billion on average are targeted for the new “compliance efforts.”
Werfel said a massive hiring effort and AI research tools developed by IRS employees and contractors are playing a big role in identifying wealthy tax dodgers. The agency is making an effort to showcase positive results from its burst of new funding under President Joe Biden’s Democratic administration as Republicans in Congress look to claw back some of that money.
“New tools are helping us see patterns and trends that we could not see before, and as a result, we have higher confidence on where to look and find where large partnerships are shielding income,” he said.
In July, IRS leadership said it collected $38 million in delinquent taxes from more than 175 high-income taxpayers in the span of a few months. Now, the agency will scale up that effort, Werfel said.
“The IRS will have dozens of revenue officers focused on these high-end collection cases in fiscal year 2024,” he said.
A team of academic economists and IRS researchers in 2021 found that the top 1% of U.S. income earners fail to report more than 20% of their earnings to the IRS.
The newly announced tax collection effort will begin as soon as October. “We have more hiring to do,” Werfel said. “It’s going to be a very busy fall for us.”
Grover Norquist, who heads the conservative Americans for Tax Reform, said the IRS’ plan to pursue high wealth individuals does not preclude the IRS from eventually pursuing middle-income Americans for audits down the road.
“This power and these resources allow them to go after anyone they want,” he said. “The next step is to go after anyone they wish to target for political purposes.”
Senate Finance Committee Chair Ron Wyden, D-Ore., said the IRS’ new plan is a “big deal” that “represents a fresh approach to taking on sophisticated tax cheats.”
“This action goes to the heart of Democrats’ effort to ensure the wealthiest are paying their fair share,” he said in a statement.
David Williams, at the right-leaning, nonprofit Taxpayers Protection Alliance, said “every business and every person should pay their taxes — full stop.” However, “I just hope this isn’t used as a justification to hire thousands of new agents,” that would audit Americans en masse, he said.
The federal tax collector gained the enhanced ability to identify tax delinquents with resources provided by the Inflation Reduction Act, which Biden signed into law in August of 2022. The agency was in line for an $80 billion infusion under the law, but that money is vulnerable to potential cutbacks by Congress.
House Republicans built a $1.4 billion reduction to the IRS into the debt ceiling and budget cuts package passed by Congress this summer. The White House said the debt deal also has a separate agreement to take $20 billion from the IRS over the next two years and divert that money to other non-defense programs.
With the threat of a government shutdown looming in a dispute over spending levels, there is the potential for additional cuts to the agency.
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Business
U.S. Marine Veteran Receives Refurbished Vehicle Through NABC Recycled Rides Program
Published
4 days agoon
June 12, 2026DAVIE, Fla. (FNN NEWS) — A U.S. Marine Corps veteran and his family received a life-changing gift on June 11 when they were presented with a fully refurbished vehicle through the National Auto Body Council’s (NABC) Recycled Rides® program.
The donation was made possible through a partnership between vehicle donor Allstate, repair partner Crash Champions, and several industry sponsors. The presentation took place at Crash Champions’ Davie, Florida, collision repair center.
Veteran Receives Reliable Transportation
The recipient, Sergio Hernandez, was nominated by the Wounded Warrior Project, one of the nation’s leading veterans service organizations dedicated to supporting post-9/11 veterans, active-duty service members and their families.
Hernandez and his wife received a refurbished 2018 Toyota RAV4 donated by Allstate and restored by Crash Champions technicians.
“This vehicle is beautiful, super clean, just near mint,” Hernandez said. “Reliability is a huge thing. This will take a burden off our shoulders not having to worry about maintenance or any of the issues we were having with prior vehicles. I’m truly grateful for it.”
From Military Service to Civilian Life
Hernandez served in the United States Marine Corps beginning in 2015, with assignments in South Korea, Japan and the Philippines. During his service, he suffered a back injury that required extensive therapy and rehabilitation.
After leaving the military, Hernandez used GI Bill benefits to earn a bachelor’s degree in business management. However, transportation challenges remained a significant obstacle for his growing family.
With a non-operational vehicle and mounting repair costs, reliable transportation had become a pressing need. The donated vehicle will help Hernandez commute to work, attend family appointments and provide safe transportation for his wife and two young children.
Industry Partners Make a Difference
Allstate has donated more than 300 vehicles through the NABC Recycled Rides® program, making it one of the program’s largest vehicle donors.
Crash Champions has also played a major role, gifting more than 250 vehicles to individuals and organizations in need through the initiative.
Additional partners supporting the donation included Enterprise, Tire Kingdom, AutoZone, J&A Auto Restore, ATE, Advanced Remarketing Services, Copart and Cars for Charity.
Business
Orlando Regional REALTOR Association Event Highlights Orange County Growth, Housing Trends and Economic Outlook
Published
2 months agoon
April 19, 2026By
Willie DavidORLANDO, Fla. (FNN) — The Orlando Regional REALTOR Association (ORRA) hosted its second annual State of Real Estate event for Orange County on April 17, bringing together industry professionals, policymakers and community leaders to examine the region’s housing market and economic outlook.
Held at ORRA’s headquarters in Orlando, the event focused on the evolving dynamics of residential and commercial real estate across Central Florida. Discussions centered on housing affordability, economic growth and long-term regional development.
Speakers and Panelists
- Lawrence Yun — Chief Economist, National Association of REALTORS
- Maria Henson — Senior Director of Market Research & Insights, Visit Orlando
- Racquel Asa — Head of External Affairs, Central Florida Expressway Authority
- Amy Mercado — Property Appraiser, Orange County
- Chris Atwell — Moderator, 2026 ORRA President
Industry experts said Central Florida’s economy continues to grow, though at a more measured pace. While housing and stock market wealth remain near record highs, job growth is softening, consumer sentiment has declined and loan defaults are rising — creating a market shaped by mixed signals.
Panelists noted the housing market has shifted into a more stable phase compared to the rapid growth seen during 2020 and 2021, with more balance and sustainable conditions.
Despite short-term fluctuations, long-term fundamentals remain strong. Orange County’s tax base has grown significantly since 2023, while the broader Central Florida region has experienced a 23% population increase over the past decade, with more than 1,200 people moving to the area each week.
Infrastructure and tourism were also highlighted as key drivers of future growth. Officials pointed to major roadway investments by the Central Florida Expressway Authority and the region’s continued strength as a tourism hub, drawing more than 75 million visitors in 2024.
“We’re operating in a global economy where interest rates, supply chains and migration policies all influence what happens at the local level,” said ORRA CEO Cliff Long.
Economic Trends Show Mixed Signals
Experts emphasized that strong asset values are being offset by softer job growth and declining consumer confidence.
Housing Market Enters Stable Phase
The market has transitioned from pandemic-driven volatility to a more balanced and sustainable pace.
Growth, Infrastructure and Tourism Drive Future
Population growth, infrastructure investment and tourism continue to support long-term expansion in Central Florida.
ORRA’s Impact and Benefits on the Real Estate Industry
The Orlando Regional REALTOR Association provides critical market insights, advocacy and professional resources for REALTORS® across Central Florida. Its events foster collaboration between industry leaders, policymakers and the community, helping guide responsible growth, inform housing policy and strengthen the regional real estate market.
Business
Walmart’s Road to Open Call Returns to Orlando, Offering Small Businesses Access to National Retail Opportunities
Published
2 months agoon
April 15, 2026By
Willie David
ORLANDO, Fla. (FNN) — Walmart, in partnership with the Hispanic Chamber of Metro Orlando, will host the 2026 Walmart Road to Open Call pitch event on May 21 in Orlando, offering small businesses the opportunity to present their products directly to Walmart buyers.
The Orlando event is the only Florida stop in 2026 and is part of a nationwide initiative designed to support small business growth, expand supplier diversity and strengthen U.S. manufacturing.
OPPORTUNITY FOR SMALL BUSINESSES
The Road to Open Call serves as a pathway for entrepreneurs to connect with Walmart’s sourcing team, refine their pitches and prepare for the company’s annual Open Call event in Bentonville, Arkansas.
Applications are open through May 1 at 10 p.m. EST. A select group of applicants will be chosen to participate in the Orlando event, where each business will receive a 30-minute, one-on-one pitch meeting with a Walmart buyer, along with feedback and mentorship.
Top participants may earn a fast pass to Walmart’s annual Open Call, where they can pitch for potential placement in Walmart stores or online.
FOCUS ON U.S.-MADE PRODUCTS
Walmart’s Open Call is the company’s largest sourcing event for products made, grown or assembled in the United States. The program is open to businesses across industries, including food and beverage, beauty, safety and consumer goods.
“The Road to Open Call provides a powerful platform for small businesses to grow and scale,” said Mark Espinoza, senior director of public affairs at Walmart. “By connecting entrepreneurs directly with our sourcing teams, we’re helping bring innovative, U.S.-made products to customers while supporting American jobs and local economies.”
LOCAL IMPACT AND ECONOMIC GROWTH
Local leaders say the initiative strengthens both entrepreneurship and the regional economy.
“We are proud to join forces with Walmart for the second consecutive year to bring this opportunity to the business community,” said Pedro Turushina, president and CEO of the Hispanic Chamber of Metro Orlando. “This initiative supports entrepreneurs and helps small businesses access national retail opportunities.”
Since launching in 2014, Walmart’s Open Call has helped thousands of small and midsize businesses become suppliers, while more than 85% of Walmart shoppers report valuing U.S.-made products.
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