The estimated tax gap calculates the difference between the amount of taxes collected and paid on time and the true tax liability. The projected tax gap for 2022 is $696 billion; $200 billion more than in 2014 through 2016. The tax gap looks at three main areas:...
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Tax Revenue
IRS Recovers $1.3 Billion in Taxes!
Due to the Inflation Reduction Act, within the first six months of two new initiatives focusing on high-income taxpayers, the IRS has been paid over $1.1 billion from these high earners. In addition to the initiatives concentrated on collecting the tax due from...
Cannabis Tax Revenue of $259.9 Million in Q1 2024
The CDTFA reports that $259.9 million has been collected in the first quarter of 2024 in sales and excise tax. In California, over $6 billion has been collected in tax from cannabis businesses since 2018. These taxes are used to fund childcare and early development...
