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Tax owed vs Tax paid shows a gap of $696 billion for 2022

In the IRS IR-2024-262, the IRS estimated that there is a tax gap of around $696 billion for 2022. Even if the IRS mentioned in their communication that 85% of taxpayers are compliant, the 15% remaining is broken down in the following three areas (extracted directly from IRS communications): "... Non-filing, which means tax not

By |2024-11-12T16:52:10+00:00December 9th, 2024|Categories: Business, Individuals|Tags: , , , , , , , , , , , , |

IRS estimated tax gap of around $668 billion for 2021

The IRS is reporting the tax gap (amount of money that taxpayers are not settled with the Federal tax authority or the true tax liability versus the paid tax on time) amounts to around $668 billion for 2021. The breakdown is as follows (per IRS blog), comprising three components: Nonfiling, which means tax not paid

By |2024-11-12T20:29:23+00:00October 14th, 2023|Categories: Individuals|Tags: , , , , , , , , |
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