2021 – 05/21 According to a U.S. Treasury analysis, the “tax gap” totaled nearly $600 billion in 2019 and will rise to about $7 trillion over the course of the next decade if left unaddressed. The tax gap is the difference between the amount of tax owed and the amount that’s actually timely paid. President Biden’s proposals to narrow the tax gap have been detailed in a new report: “The American Families Plan Tax Compliance Agenda.” The tax compliance proposals include increasing IRS resources and leveraging information that financial institutions already collect to shed light on taxpayers who misreport income derived from “opaque categories.” Read the report:
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