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Taxes Information |
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IRS Reports Tax Gap of $300 Billion
The Internal Revenue Service is reporting that the difference between what U.S. taxpayers owe and actually pay on time totals more than $300 billion a year. Studying over 46,000 tax returns for individuals revealed the tax gap. These results indicate a failure of 15 to 16 percent of individual tax payers to fully pay their taxes. IRS enforcement activities recovered roughly $55 billion of that total gap, leaving a net tax gap of $257 billion to $298 billion. The tax gap is comprised of three components -- underreported income, underpayment of taxes and failure to file tax returns at all. 80 percent of gap was due to individuals underreporting their income, while non-filing and underpayment accounted equally for the remaining 20 percent. The IRS reported that underreporting was mostly linked to understated income, not overstated deductions. The agency also determined that most of the understated income was related to business activities, not wages or investment income. While these figures may appear shocking, they more or less match the results found in a 1988 study. The numbers are also artificially inflated by individuals that fail to file returns and pay taxes. The IRS is not expected to take any new course of action based on these results. Richard Chapo is CEO of http://www.businesstaxrecovery.com - Obtaining tax refunds for small businesses by finding overlooked tax deductions and credits through a free tax return review.
MORE RESOURCES: BLAKELY — Garbage fees will rise, but Blakely Borough Council doesn’t plan to hike electric rates or add property taxes as part of its proposed 2009 budget presented this week. GREENFIELD - The value of single-family homes in the city has dropped, but the tax rate is projected to rise, yielding an overall increase in taxes for the average homeowner. The Three Gorges Project has turned over a total 20.277 billion yuan in national taxes since its first generating unit began operation on July 10, 2003, according to the State Administration of Taxation of the Three Gorges dam zone in Yichang, Hubei province. Since the first turbine generator was put in use, there are now 26 turbine generators in operation as of October 30 this year. By adding ... ST. PAUL (AP) — Minnesotans are set to pay more property taxes next year if a number of proposed local tax levies are adopted. The government should move to collect taxes on assets to help close off loopholes in the tax system and raise funds to develop the country's social safety net, according to local academics. The Treasurer Michael Aird is not ruling out new taxes as Tasmania faces financial circumstances he is calling exceptional. Despite a stable general fund budget and no projected increase in real estate taxes, there was a downside to the Loyalsock Township budget work session Thursday afternoon. It involved another sewer rate increase as the township deals with federal- and state-mandated sewer system improvements. Residents will see a 15-percent increase in sewer rates for 2009. (Springfield, MO) -- Have you got your property tax bill in the mail yet? Notices for real estate and personal property taxes were mailed out in Greene County last week. RALEIGH, N.C. -- Higher taxes or fees for drivers and vehicle owners could be on the horizon if the Legislature agrees with recommendations tentatively approved Wednesday by a state transportation panel. The 21st Century Transportation Committee asked the General Assembly to consider raising the automobile sales tax and vehicle registration fees or even charging motorists for how many miles they ... LIVINGSTON, Mont. — A Montana man awaits sentencing in Minnesota for failing to pay more than $500,000 in federal taxes on the wages of people in his medical staffing business. |
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