The IRS is tackling wealthy individuals who have failed to file tax returns, with tens of thousands still non-compliant despite increased efforts. The tax law loophole, which only penalizes failure to file as a misdemeanor, combined with limited IRS resources, means many are unlikely to face the consequences. The IRS has already collected over $290 million from non-filers as part of a new initiative. Treasury Department proposals suggest increasing penalties for chronic offenders to improve compliance and close the tax gap.
Category
🗞
NewsTranscript
00:00It's Benzinga, bringing Wall Street to Main Street.
00:02The IRS is tackling wealthy individuals who have failed to file tax returns, with tens
00:06of thousands still not complying, despite increased efforts.
00:10The tax law loophole, which only penalizes failure to file as a misdemeanor, combined
00:14with limited IRS resources, means many are unlikely to face the consequences.
00:18The IRS has already collected over $290 million from non-filers as part of a new initiative.
00:24Treasury Department proposals suggest increasing penalties for chronic offenders to improve
00:28compliance and close the tax gap.
00:30For all things money, visit Benzinga.com slash GSTV.