IRS's New Palantir Tool Targets Tax Cheats

0:00The IRS is stepping up its game against tax cheats with help from Palantir's new SNAP software. This tool is in pilot testing to pinpoint the highest value cases for audits, collections, and even criminal probes. It tackles the massive tax gap where folks underpaid by $696 billion in tax year 2022. Palantir built SNAP to sift through messy unstructured data that old IRS systems over 100 of them couldn't handle well. Meanwhile, the company has been on a roll, renewing its five-year deal with Stellantis, teaming with Nvidia on AI and expanding government work like. It's maven system for the Pentagon. Taxpayers and experts see this as a big shift, potentially catching more fraud in tricky areas like disaster claims or give tax returns. For Palantir, it built on over $200 million in IRS contracts since 2014, boosting its government revenue, which hit two. $0.4 billion last year. Right now, SNAP is just a test run, not a full rollout, but success could modernize audits nationwide and open doors overseas.

1:08Palantir stock trades at $146.49, down 4% lately, but up massively long term, like turning 10, $1,000 into $62,900 over five years. Wall streets buzzing with upside targets around $185 on average, though valuations are sky high. If SNAP sticks, Palantir's grip on big government tech titans, blending AI smarts with real enforcement power. Local news, powered by AI, this is Durham News Today.