IRS Cracks Down on Wealthy Non-Filers: Thousands of Millionaires Targeted
TL;DR
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.
Topics:top-newstaxation#biden-administration#high-income-earners#irs#non-filers#tax-compliance#taxation
- Thousands of millionaires haven't filed tax returns for years, IRS says The Washington Post
- IRS steps up campaign against wealthy tax cheats USA TODAY
- Make $400000 and Never Filed Your Taxes? The IRS Will Be in Touch. The Wall Street Journal
- IRS puts 125,000 high-income individuals not filing tax returns on notice, to recoup millions owed Federal News Network
- IRS targets wealthy ‘non-filers’ with new wave of compliance letters CNBC
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