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IRS Cracks Down on Tax Cheats Owing Hundreds of Millions

via WHAS11
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 is targeting over 125,000 high-income individuals who have not filed federal income tax returns since 2017, aiming to recover hundreds of millions of dollars in unpaid taxes.

The agency will send non-compliance letters to those earning over $1 million annually and between $400,000 and $1 million during 2017-2021.

Limited resources previously hindered enforcement in these income brackets, but the Inflation Reduction Act has enabled the IRS to address non-filers effectively.

“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,” IRS Commissioner Danny Werfel said.

“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,” Werfel said.

“If someone hasn’t filed a tax return for previous years, this is the time to review their situation and make it right,” Werfel said.

“For those who owe, the risk will just grow over time as will the potential for penalties and interest. These non-filers should review information on IRS.gov that can help and consider talking to a trusted tax professional as soon as possible.”

The initiative is part of broader efforts to ensure tax compliance among high-income individuals, large partnerships, and corporations, with aggressive actions being taken to close tax gaps and collect outstanding debts.

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