"IRS Targets High-Income Tax Dodgers Owed Millions in Unfiled Returns"

The IRS is targeting high-income earners who have failed to file federal income tax returns, with over 125,000 instances identified since 2017. These individuals are believed to owe hundreds of millions of dollars, and the IRS will begin sending out compliance letters this week. The agency has been able to identify non-filers using third-party information and has increased enforcement efforts with funding from the Inflation Reduction Act. Treasury Secretary Janet Yellen emphasized the need for a properly funded IRS to ensure fairness for all taxpayers, and the penalty for failure to file amounts to 5% of the amount owed every month, up to 25% of the tax bill.