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New IRS plan targets high-income Americans

via Yahoo Finance
This article was originally published at StateOfUnion.org. Publications approved for syndication have permission to republish this article, such as Microsoft News, Yahoo News, Newsbreak, UltimateNewswire and others. To learn more about syndication opportunities, visit About Us.

The IRS announced plans to send over 125,000 notices to high-income individuals who failed to file tax returns for at least one year since 2017, when they earned over $400,000 annually.

This represents an effort to crack down on wealthy tax evaders and address a basic civic duty of filing.

Around 25,000 earned over $1 million, while 100,000 made $400,000-$1 million.

Failure to respond could result in penalties up to 25% of taxes owed, as well as enforcement actions like wage garnishment.

The IRS commissioner said this demonstration of enforcement was made possible by new funding from the Inflation Reduction Act, arguing the agency needs proper funding to identify non-filers and ensure a fair system.

“At this time of year when millions of hard-working people are doing the right thing paying their taxes, we cannot tolerate those with higher incomes failing to do a basic civic duty of filing a tax return,” IRS commissioner Danny Werfel stated.

“The IRS is taking this step to address this most basic form of non-compliance, which includes many who are engaged in tax evasion”.

“This is one of the clearest examples of the need to have a properly funded IRS,” Werfel said.

“With the Inflation Reduction Act resources, the agency finally has the funding to identify non-filers, ensure they meet this core civic responsibility, and ultimately help ensure fairness for everyone who plays by the rules.”

This represents an effort to improve tax compliance among high earners who were previously able to evade accountability.

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