The IRS is after some 125,000 taxpayers with financial activity over $100 billion! The individuals will first receive a letter asking that they file a tax return for all years between 2017 through 2021 for which no tax return has been filed to date.
Additional requests will be sent, with penalties accruing on the taxpayer’s account, until ultimately the IRS estimates the tax liability for non-responsive taxpayers. To read the full announcement, click here.
