IRS Targets High-Income Non-Filers
The Internal Revenue Service (IRS) is shifting gears as it targets thousands of high-income Americans who have not filed their tax returns for several years. This is part of a broader effort to enforce tax compliance and accountability among individuals earning $400,000 or more annually.
IRS Sends 125,000 Notices
The IRS is set to send 125,000 notices to high-income earners who have failed to file their tax returns in at least one year since 2017. However, note that the number of non-filers might be less than this figure, as many of these individuals have not filed in multiple years.
Retain a Tax Attorney to fight this.
The IRS strongly advises non-filers to consult with a Tax Lawyer to preserve Attorney-Client Confidentiality. The Tax Lawyer can engage an accountant to prepare and file their returns immediately to avoid higher penalties and stronger enforcement measures, including possible criminal penalties and jail. These measures could include audit action, collection, and even potential criminal prosecution.
IRS trying to collect Billions in Taxes
The amount of unpaid taxes was not specified in the announcement. The IRS believes these non-filing high-income earners may owe hundreds of millions of dollars in unpaid taxes. However, this estimate does not consider any potential credits or deductions that these non-filers may have.
In summary, the IRS is taking decisive action against high-income non-filers. This enforcement effort emphasizes the importance of tax compliance and the potential ramifications of failing to file tax returns.
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