{"id":109646,"date":"2021-03-16T12:44:27","date_gmt":"2021-03-16T12:44:27","guid":{"rendered":"https:\/\/fin2me.com\/?p=109646"},"modified":"2021-03-16T12:44:27","modified_gmt":"2021-03-16T12:44:27","slug":"rich-americans-shirk-tax-obligations-as-irs-collection-efforts-fall-short-report-finds","status":"publish","type":"post","link":"https:\/\/fin2me.com\/economy\/rich-americans-shirk-tax-obligations-as-irs-collection-efforts-fall-short-report-finds\/","title":{"rendered":"Rich Americans shirk tax obligations as IRS collection efforts fall short, report finds"},"content":{"rendered":"<h2>Tax filing tips amid the coronavirus pandemic  <\/h2>\n<p>The Millennial Taxpert Kesha Jontae discusses what you need to know about filing taxes before April 15.<\/p>\n<p>The IRS could do a better job collecting taxes owed by wealthy Americans, a watchdog report claims, since hundreds of thousands of high net worth individuals have skated by without reconciling delinquent payments.<\/p>\n<p>The Treasury Inspector General for Tax Administration (TIGTA) identified 685,555 taxpayers with reported adjusted gross incomes of $200,000 or more who owed a combined $38.5 billion in delinquent tax payments from tax years 2013 through 2017 as of mid-2019. <\/p>\n<p>A&#xA0;more targeted TIGTA analysis found that a group of wealthy individuals with an average AGI of more than $1.5 million owed more than $2.4 billion. Collection efforts had a 39% success rate on the initial&#xA0;$4 billion balance due by the group over the 52-week period studied.<\/p>\n<p><strong>IRS CHEATED OUT OF TENS OF BILLIONS OF DOLLARS BY HIGH-INCOME NON-FILERS, REPORT FINDS<\/strong><\/p>\n<p>The TIGTA noted that the IRS does not make taxpayers&#x2019; income a priority when it prioritizes cases, which could be a mistake because many of them have the ability to pay.<\/p>\n<p><strong>GET FOX BUSINESS ON THE GO BY CLICKING HERE<\/strong><\/p>\n<p>The IRS disagreed with many of the recommendations put forth in the report, and said in a statement attached to the report that some of the figures misrepresented their collection efforts.<\/p>\n<p>&#x201C;The IRS appropriately considers income levels during the prioritization process while simultaneously evaluating other data such as the size and type of liability and Collection&#x2019;s business priorities,&#x201D; an IRS executive said. &#x201C;Further, TIGTA&#x2019;s recommendations do not consider the IRS&#x2019;s custodial responsibility to address those compliance issues that pose the greatest risk to future non-compliance.&#x201D;<\/p>\n<p><strong>CLICK HERE TO READ MORE ON FOX BUSINESS<\/strong><\/p>\n<p>Source: <a href=\"https:\/\/www.foxbusiness.com\/economy\/rich-americans-tax-obligations-irs-collection-efforts\" target=\"_blank\" rel=\"noopener noreferrer\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Tax filing tips amid the coronavirus pandemic The Millennial Taxpert Kesha Jontae discusses what you need to know about filing taxes before April 15. The [&#8230;]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Rich Americans shirk tax obligations as IRS collection efforts fall short, report finds - Fin2me<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fin2me.com\/economy\/rich-americans-shirk-tax-obligations-as-irs-collection-efforts-fall-short-report-finds\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Rich Americans shirk tax obligations as IRS collection efforts fall short, report finds - Fin2me\" \/>\n<meta property=\"og:description\" content=\"Tax filing tips amid the coronavirus pandemic The Millennial Taxpert Kesha Jontae discusses what you need to know about filing taxes before April 15. 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