The Internal Revenue Service (IRS) building in Washington, on June 28, 2023. (Madalina Vasiliu/The Epoch Times) The Internal Revenue Service (IRS) announced a new effort aimed at boosting tax revenue from taxpayers who haven’t filed returns for several years, with the initiative expected to net at least hundreds of millions of dollars.
The new initiative, announced on Feb. 29, focuses on 125,000 cases of taxpayers with annual incomes over $400,000 who didn’t file tax returns between 2017 and 2021.
The IRS said it was tipped off by various types of third-party information indicating that these taxpayers received taxable income but failed to file a tax return.
Information on these taxpayers indicates total financial activity of over $100 billion.“Even with a conservative estimate, the IRS believes hundreds of millions of dollars of unpaid taxes are involved in these cases,” the agency said in a statement.The IRS will soon start sending letters (known as […]
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