IRS Deploys Artificial Intelligence For Audit Targets: Hedge Funds, Real Estate Companies On List
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Benzinga
Benzinga
The Internal Revenue Service (IRS) this month is set to audit 75 major partnerships, including leading hedge funds and real estate companies. The selected entities, which have an average of $10 billion in assets, were identified with the assistance of artificial intelligence (AI) tools, allowing the IRS to discern patterns andtrends previously undetected. Commissioner Danny Werfel highlighted the agency’s past challenges, saying, “We’ve been overwhelmed in this area for years.” The newly implemented AI tools aim to level the playing field, according to The Wall Street Journal, which initially …