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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 |2023-10-14T21:00:46+00:00October 14th, 2023|Categories: Individuals|Tags: , , , , , , , , |

IRS to target high income taxpayers, large partnerships, scams, etc.

Earlier this month, the IRS has announced the new targets for their examination efforts. This information is in line with the previous discussion to target wealthy individuals over the $400,000 income threshold that was mentioned by President Joe Biden in the 2022 State of the Union speech, Treasury Secretary Janet Yellen who instructed the IRS

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