𝐖𝐄 𝐆𝐄𝐓 𝐚 𝟏 𝐌𝐎𝐍𝐓𝐇 𝐄𝐗𝐓𝐄𝐍𝐒𝐈𝐎𝐍 𝐚𝐧𝐝 𝐭𝐡𝐞 𝐑𝐈𝐂𝐇 𝐆𝐄𝐓 𝐚 “𝐅𝐑𝐄𝐄 𝐑𝐈𝐃𝐄” (𝟒/𝟓/𝟐𝟎𝟐𝟏)

The Treasury Inspector General for Tax Administration (TIGTA) reports that the IRS is missing taxes owed by high-income taxpayers. Billions in taxes are uncollected.

TIGTA identified 685,555 taxpayers who had a balance due as of May 14, 2019. These taxpayers reported adjusted gross income (AGI) of $200,000 or more and owed a combined total of $38.5 billion.

A separate IRS analysis of 64,317 delinquent tax cases showed that the IRS collected less than 50% of tax debt owed by these high-income taxpayers within 52 weeks of assignment to the Collection Division. Taxpayers having an average AGI of over $1.5 million paid the IRS an average of 39% of what they owe. While 39 percent is more than what the IRS predicted it would collect, these high-income taxpayers still owed over $2 billion.

AND-We get a 1 month extension while trying to get a vaccination or two for ourselves and parents in a 100-year pandemic that has killed over ½ million people and unemployed 8.4 million people.

For more info, see https://www.treasury.gov/tigta/auditreports/2021reports/202130015fr.pdf

If you need help, contact us at https://tjcarroll-law.com/contact/

𝐓𝐡𝐨𝐦𝐚𝐬 𝐉𝐚𝐦𝐞𝐬 𝐂𝐚𝐫𝐫𝐨𝐥𝐥, 𝐏.𝐂. 𝐢𝐬 𝐚 𝐥𝐚𝐰 𝐟𝐢𝐫𝐦 𝐟𝐨𝐜𝐮𝐬𝐢𝐧𝐠 𝐨𝐧 𝐟𝐞𝐝𝐞𝐫𝐚𝐥 𝐚𝐧𝐝 𝐬𝐭𝐚𝐭𝐞 𝐭𝐚𝐱𝐞𝐬 𝐭𝐡𝐚𝐭 𝐩𝐫𝐨𝐯𝐢𝐝𝐞𝐬 𝐢𝐧𝐝𝐢𝐯𝐢𝐝𝐮𝐚𝐥𝐬 𝐚𝐧𝐝 𝐛𝐮𝐬𝐢𝐧𝐞𝐬𝐬𝐞𝐬 𝐰𝐢𝐭𝐡 𝐭𝐚𝐱 𝐡𝐞𝐥𝐩 𝐚𝐧𝐝 𝐬𝐨𝐥𝐮𝐭𝐢𝐨𝐧𝐬 𝐟𝐨𝐫 𝐭𝐨𝐝𝐚𝐲 𝐚𝐧𝐝 𝐭𝐨𝐦𝐨𝐫𝐫𝐨𝐰.

𝐎𝐯𝐞𝐫 𝟑𝟓 𝐘𝐞𝐚𝐫𝐬 𝐨𝐟 𝐄𝐱𝐩𝐞𝐫𝐢𝐞𝐧𝐜𝐞 𝐢𝐧 𝐈𝐑𝐒, 𝐍𝐘 & 𝐍𝐉 𝐓𝐚𝐱 𝐀𝐮𝐝𝐢𝐭𝐬, 𝐀𝐩𝐩𝐞𝐚𝐥𝐬 & 𝐓𝐚𝐱 𝐏𝐥𝐚𝐧𝐧𝐢𝐧𝐠.

𝐖𝐖𝐖.𝐓𝐉𝐂𝐀𝐑𝐑𝐎𝐋𝐋-𝐋𝐀𝐖.𝐂𝐎𝐌