{"id":111986,"date":"2021-04-13T19:55:52","date_gmt":"2021-04-13T19:55:52","guid":{"rendered":"https:\/\/fin2me.com\/?p=111986"},"modified":"2021-04-13T19:55:52","modified_gmt":"2021-04-13T19:55:52","slug":"irs-chief-says-u-s-annual-tax-gap-may-exceed-1-trillion","status":"publish","type":"post","link":"https:\/\/fin2me.com\/markets\/irs-chief-says-u-s-annual-tax-gap-may-exceed-1-trillion\/","title":{"rendered":"IRS chief says U.S. annual 'tax gap' may exceed $1 trillion"},"content":{"rendered":"
FILE PHOTO: Internal Revenue Service Commissioner Charles Rettig testifies on his agency’s budget before a House Appropriations Subcommittee hearing on Capitol Hill in Washington, U.S., April 9, 2019. REUTERS\/Aaron P. Bernstein\/File Photo<\/figcaption>

WASHINGTON (Reuters) -The U.S. Internal Revenue Service needs more and consistent funding to help close a \u201ctax gap\u201d that is leaving perhaps more than $1 trillion in legally owed taxes uncollected every year, IRS Commissioner Charles Rettig said on Tuesday.<\/p>\n

Rettig told the Senate Finance Committee that new sources of wealth have arisen since 2011-2013, when the last official annual tax gap estimate of $441 billion was made, including cryptocurrencies and the rising use of complex, foreign-source income.<\/p>\n

\u201cIf you add those in, I think it would not be outlandish, that the actual tax gap could approach, and possibly exceed $1 trillion\u201d on an annual basis, Rettig said.<\/p>\n

Rettig said the agency is \u201coutgunned\u201d by increasingly sophisticated tax avoidance schemes and budget cuts have left it with about 17,000 fewer revenue enforcement staff than it had a decade ago.<\/p>\n

He called for Congress to provide \u201cconsistent, timely, adequate and multi-year funding.\u201d<\/p>\n

The Biden administration\u2019s fiscal 2022 budget request would boost the IRS budget by about $1.3 billion, or 10.4% over current levels. The proposed $13.2 billion IRS budget would include an additional $900 million for tax enforcement in fiscal 2022, which starts on Oct. 1.<\/p>\n

The tax gap represents under-reported income, under-payment or non-payment of taxes owed and exaggeration of claimed tax breaks such as deductions and credits.<\/p>\n

One area that Rettig told senators would help capture unreported income would be requiring transactions in cryptocurrencies such as Bitcoin to be reported, similar to the way that securities transactions are reported.<\/p>\n

Using \u201c1099\u201d forms to report these transactions would help the IRS to tax capital gains in cryptocurrency investments, which now have a market capitalization of around $2 trillion, Rettig said.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

FILE PHOTO: Internal Revenue Service Commissioner Charles Rettig testifies on his agency’s budget before a House Appropriations Subcommittee hearing on Capitol Hill in Washington, U.S., […]<\/p>\n","protected":false},"author":3,"featured_media":111985,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\nIRS chief says U.S. annual 'tax gap' may exceed $1 trillion - 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\/markets\/irs-chief-says-u-s-annual-tax-gap-may-exceed-1-trillion\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IRS chief says U.S. annual 'tax gap' may exceed $1 trillion - Fin2me\" \/>\n<meta property=\"og:description\" content=\"FILE PHOTO: Internal Revenue Service Commissioner Charles Rettig testifies on his agency’s budget before a House Appropriations Subcommittee hearing on Capitol Hill in Washington, U.S., [...]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/fin2me.com\/markets\/irs-chief-says-u-s-annual-tax-gap-may-exceed-1-trillion\/\" \/>\n<meta property=\"og:site_name\" content=\"Fin2me\" \/>\n<meta property=\"article:published_time\" content=\"2021-04-13T19:55:52+00:00\" \/>\n<meta name=\"author\" content=\"Mark\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/fin2me.com\/wp-content\/uploads\/2021\/04\/IRS-chief-says-U.S.-annual-tax-gap-may-exceed-1-trillion.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Mark\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/fin2me.com\/markets\/irs-chief-says-u-s-annual-tax-gap-may-exceed-1-trillion\/\",\"url\":\"https:\/\/fin2me.com\/markets\/irs-chief-says-u-s-annual-tax-gap-may-exceed-1-trillion\/\",\"name\":\"IRS chief says U.S. annual 'tax gap' may exceed $1 trillion - 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