The Internal Revenue Service has failed to collect more than $2.4 billion dollars from wealthy individuals who owe the federal government back taxes, according to a Treasury Department watchdog report.
Auditors were only able to recoup about 39% of the more than $4 billion in unpaid taxes owed by a group of rich taxpayers with an average annual income of nearly $1.6 million, the report found. The findings suggest that the IRS should place more emphasis on a taxpayer’s income when determining whether to pursue an audit case, the Treasury Inspector General for Tax Administration said in the report released Monday.
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https://www.bloomberg.com/news/articles/2021-03-15/irs-failed-to-collect-2-4-billion-in-taxes-from-millionaires?utm_source=newsletter&utm_medium=email&utm_campaign=newsletter_axiosmarkets&stream=business&sref=0KUfhQHv
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