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Are You In The Tax Gap? Print E-mail
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If You Are In It, The IRS Wants You!
In the budget submitted to Congress, The Internal Revenue Service is again requesting an increase in their enforcement funding.  The goal is to reduce the tax gap.  The Tax Gap is defined by the IRS as “the difference between the amount of tax that taxpayers should pay and the amount that is paid voluntarily and on time.  The tax gap can also be thought of as the sum of non-compliance with the tax law.”
For the year of 2001 (which are the latest figures I’ve seen) that sum is 345 billion.  According to IRS Commissioner Mark W. Everson; “The magnitude of the tax gap highlights the critical role of enforcement in keeping our system of tax administration healthy.”  The IRS is determined to improve tax compliance “through increased  and better targeted enforcement and through increased taxpayer service and outreach efforts.” 
According to the IRS 80% of the tax gap is due to underreported taxes.  “Nonfiling and underpayment of tax comprise the rest of the tax gap.”  Audits in 2005 totaled 1.2 million which was a 20% jump from the year before.     04/07, Kazwell Newsletter

 


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Are You In The Tax Gap?
If You Are In It, The IRS Wants You! In the budget submitted to Congress, The Internal Revenue Service is again requesting an increase in their...

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