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IRS Issues Warning to High Income Non-Filers - MSN
The Treasury Department has proposed that criminal penalties on chronic non-filers should be increased, arguing that "non-compliance by high-income taxpayers has a significant corrosive effect on ...
Of the roughly 25,000 wealthiest non-filers identified by the IRS, nearly 2,000 of them likely had more than $5 million in income in any given tax year for which they did not file a return.
“Starting in February, the IRS sent letters to 125,000 non-filers for whom they had third-party information such as W-2s or 1099s,” said Bill Smith, national director of tax technical services ...
Barely 1 percent of known non-filers are being targeted now. But that’s unlikely to remain the case forever.
Social security recipients and other federal beneficiaries who do not normally file a tax return can expect to see a direct payment from the IRS and the Treasury Department this weekend.
Tuesday’s update is for those federal beneficiaries who did not file their taxes in 2019 or 2020 and didn’t update IRS records using the Non-Filers tool.
The Treasury Department has proposed that criminal penalties on chronic non-filers should be increased, arguing that "non-compliance by high-income taxpayers has a significant corrosive effect on ...
And so far, at least, it does not appear that many of these very wealthy non-filers are facing legal consequences for their failure to meet their civic and legal obligations.
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