Posted by Abbey Garber, Mary McNulty, Lee Meyercord, Meagan Horn, and Jessica Kirk
The Treasury Inspector General for Tax Administration (TIGTA) recently released a report finding nearly 880,000 high-income non-filers cost the U.S. government more than $45 billion in lost tax revenue over the years 2014-2016. Now, Congress is demanding answers and action and, in response, the IRS is expected to divert resources to aggressively pursue such noncompliance. A taxpayer who has failed to timely file past tax returns or pay past taxes should take steps now to correct past noncompliance. More information is available in our recent client alert on this development. Please contact one of the above authors or the Thompson & Knight attorney with whom you regularly work if you have any questions.
Comments