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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:...
Despite the IRS offering numerous tools to assist taxpayers with their tax woes, Offer in Compromise (OIC) “mills” are preying on individuals in tax debt by promising “pennies-on-the-dollar” settlements. The OIC program is in place to help taxpayers settle their tax...
The U.S. Government Accountability Office (GAO) reported recently on how Artificial Intelligence (AI) may help the IRS close its tax gap. The tax gap represents the hundreds of millions of dollars in tax that goes unreported and unpaid each year. The GAO reported...
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...
Imagine how tempting it would be if you had access to the federal income tax information of your neighbors, your boss, or an old boyfriend! The IRS implemented the Unauthorized Access, Attempted Access, or Inspection of Taxpayer Records (UNAX) program to help monitor...
There may not be a Hallmark card for National Whistleblower Day, but it has been a day celebrated by the IRS since the whistleblower reward program began in 2007. Since then, the IRS has collected $7 billion from non-compliant taxpayers and has paid over $1.2 billion...
Through an audit of the IRS, the Treasury Inspector General for Tax Administration (TIGTA) found that despite the IRS Criminal Investigation unit investigating 390 cases and recommending 224 for prosecution between 2018 and 2023, the prevalence of virtual currency...
The IRS and Security Summit are issuing warnings to tax professionals and individuals to be wary of the various schemes scammers use to obtain business and taxpayer information. While many of these schemes have been around for a while, scammers are becoming more...
The Inflation Reduction Act has assisted the IRS in funding programs to identify and collect taxes from high-income earners. The IRS specifically identified 1,600 taxpayers who earn more than $1 million per year and owe the IRS more than $250,000. From these...
In her mid-year report, IRS Taxpayer Advocate, Erin Collins, identified three crucial areas where the IRS needs improvement to facilitate smoother and more efficient processing of returns. First, Ms. Collins emphasized how delays in resolving cases of identity theft...
