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Tax News: IRS Failure to Enforce Against the Rich

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The Internal Revenue Service ("IRS"), while a far cry from the most efficient of the major federal agencies, is among the most widely recognized and feared by taxpayers.

The Treasury Inspector General for Tax Administration ("Inspector General") found that 879,415 high-income individuals who didn’t file returns cumulatively failed to pay $45.7 billion in taxes from 2014 to 2016. Further it was reported that the agency hasn’t tried to collect from many of those taxpayers. The report defines high-income taxpayers as those earning at least $100,000 in annual household income. The IRS didn’t put 326,579 of the cases into its enforcement system, and it closed 42,601 of the cases without ever working on them

The IRS last year estimated the tax gap – the difference between what the federal government is owed and actually collects – averaged about $381 billion in unpaid tax from 2011-2013. That equates to roughly 14.2% of taxes never being submitted to the agency.

For any questions or assistance, please contact the Tax Attorneys at Fazzio Law, we are in your corner!


Source credits: https://www.bloomberg.com/news/articles/2020-06-01/irs-fails-to-pursue-thousands-of-rich-tax-cheats-watchdog-says

Category: Tax

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