The IRS Plans to Raise an Extra $700 Billion From High-Income Tax Evaders

The plan is to raise $700 billion over the next 10 (ten) years to “ameliorate existing inequities by focusing on high-end evasion.”

It is estimated that the gap source is from the following sources:

o   Offshore high-end tax evasion;

o   Non-filers. $10 billion in unpaid tax were collected as a result of only 300 auditings.

o   Sources not subject to withholding, including sole proprietorships and S Corps.

Audits may concentrate on possible foreign assets.  

A Treasury Tax Administration Report issued in 2021-40-030 indicates that:

o   since 2010, the estimated number of high-income non-filers has risen by approximately 50% and, 

o   between 2014-2016, nearly 900,000 high-income non-filers.

TAX NOTES FEDERAL, VOLUME 171, MAY 31, 2021