Americans owe the IRS $688 billion in unpaid taxes, underscoring need for more audits, said IRS Commissioner.

Americans failed to pay $688 billion in taxes on their 2021 returns, a record level, according to a new estimate from the IRS. The agency said that it is taking “urgent” steps to increase compliance such as auditing more high-income taxpayers as well as businesses and partnerships.

The $688 billion estimate reflects the first time the IRS is providing information about the so-called tax gap on an annual basis, with the agency noting in a Thursday statement that it plans to continue providing the data on a yearly basis. The number reflects an increase of more than $138 billion from estimates for tax years 2017 to 2019, the agency said.

  • OldWoodFrame@lemm.ee
    54·
    1 year ago

    “Expect more audits” …for people who earn $400k and up.

    So basically normal people don’t have to expect any changes, a bunch of rich peoples’ accountants do.

  • Treczoks@lemmy.world
    5·
    1 year ago

    They say that each and every capable person put into the tax audit department will be a money making machine for the IRS. Maybe it’s time to test this myth.

  • seaQueue@lemmy.world
    4·
    1 year ago

    I’m all about anti corruption campaigns. We could have actually functional infrastructure and healthcare if the wealthy actually paid their taxes.