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Month: October 2023

IRS Predicts a $688 Billion Increase in the Annual Gap

The Internal Revenue Service released new tax gap projections for tax years 2020 and 2021 showing the projected gross tax gap increased to $688 billion in tax year 2021, a significant increase from previous estimates. The tax gap is the amount of estimated tax due,...

Donations of Art: The Latest IRS Scam

Recently a wave of unscrupulous promotors have encouraged taxpayers in the high-income brackets to purchase various types of art at what they allege to be discounted prices.  The promotors may offer to store the art and arrange for an appraisal for the art before...


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