The IRS is set to target 125,000 high-income individuals for not filing tax returns dating back to 2017, with millions of dollars in unpaid taxes at stake.
Noncompliance Letters Sent
Starting this week, the IRS will mail noncompliance letters to over 25,000 individuals earning over $1 million annually and 100,000 people with incomes ranging from $400,000 to $1 million who neglected to pay their taxes from 2017 to 2021.
Campaign Against Tax Cheats
This initiative is part of the IRS’s ongoing crackdown on high-income tax evaders, spurred by the Democrats’ Inflation Reduction Act and a directive from Treasury Secretary Janet Yellen to focus audits on wealthier individuals.
Consequences for Non-Filers
IRS Commissioner Daniel Werfel emphasized the importance of filing taxes, stating that failure to do so is unfair to law-abiding taxpayers and carries consequences.
Targeting High-Wealth Individuals
In recent months, the IRS has launched various campaigns to tackle tax evasion among high-wealth individuals, including audits on businesses’ use of private jets for personal purposes.
Enhanced Capacity for Tax Enforcement
Due to increased funding and staffing from the Inflation Reduction Act, the IRS now has the resources to carry out its non-filer programs effectively.
Copyright 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
Read More of this Story at www.kiro7.com – 2024-02-29 21:30:28
Read More US Economic News
