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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: , , , , , , , , , , , , |

Missed the May 17 deadline to file and pay taxes?

If you missed the May 17, 2021 deadline, you might have filed an extension and you will be in one of the following scenarios: 1) If an individual taxpayer is owed a refund, there’s no penalty for filing late. If you are getting a refund, file as soon as possible as US taxpayers lose over

By |2024-11-18T00:29:02+00:00May 19th, 2021|Categories: Individuals|Tags: , , , , , , |
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