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Non Filers

All articles tagged with #non filers

taxation1 year ago•2 min saved

IRS Cracks Down on Wealthy Non-Filers: Thousands of Millionaires Targeted

The IRS plans to send notices to thousands of high-income earners who have not filed tax returns for several years, with about 25,000 cases involving people earning over $1 million. This move comes after years of IRS budget cuts and a lack of enforcement. The agency aims to collect hundreds of millions of dollars in unpaid taxes and will focus on high-income earners for tax-compliance efforts, while also planning to send letters to non-filers at all income levels, emphasizing potential refunds for those earning less than $400,000.

via The Washington Post|

#biden-administration #high-income-earners #irs

taxes1 year ago•2 min saved

"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.

via CBS News|

#high-income-earners #irs #non-filers