"The IRS said it expects to get hundreds of millions of dollars from high-income people who haven’t filed federal income tax returns under a new initiative in the agency’s fight to get the money it’s owed from wealthy taxpayers.
The agency is using letters to target 125,000 cases of taxpayers with incomes of more than $400,000 who didn’t file returns between the years 2017 and 2021, according to a Thursday announcement. Letters to non-filers are set to go out this week.
The IRS called the hundreds of millions of dollars expected a “conservative estimate.” The taxpayers targeted have an economic activity of more than $100 Billion, according to the agency."
"The IRS announced Thursday that it has collected $1 Billion in back taxes from high-wealth tax cheats — a milestone meant to showcase how the agency is making use of the money it received as part of the Biden administration’s signature climate, health care, and tax package signed into law in 2022.
Part of the push for public awareness of high-wealth tax collections is a growing recognition by agency officials that a potential Republican takeover of the White House and Congress could mean massive future budget cuts for the IRS."
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