IRS may come knocking for wealthy who failed to file tax returns

IRS may come knocking for wealthy who failed to file tax returns


The IRS is taking to the streets to track down high-income earners who haven’t filed federal income tax returns or paid taxes.

The effort involves making roughly 800 face-to-face visits in the next two months to individuals who didn’t file in 2018 or previous years. The IRS estimates that billions are lost in tax dollars because of these nonfilers. Thousands more visits across the country are likely throughout the year.

The goal is to engage with delinquent taxpayers who have not responded to multiple IRS notices. The move precedes possible legal claims by the IRS against property to secure payment of a tax debt.

The unscheduled, unannounced visits are not focused on any specific geographic area.

Those targeted have annual incomes in excess of $100,000 during a tax year.

“These visits should not come as a surprise, will not come as a surprise, to the taxpayer,” said Hank Kea, director of field collection operations for the IRS small business/self-employed division.

Social Security:Avoid these 4 traps when claiming

Taxes 2020:What you don’t know about your tax bracket could hurt you


Source link

Categorized as Business

By Bernice Caldwell

Bernice is one of the finest authors Industry News Today portal has until now. Bernice's linguistic and well-written technique is one of the plus points that have the readers glued to her articles. Bernice currently heads the Healthcare and Services domain as her knowledge on the medical topics is immense. She has just joined the Industry News Today portal 6 Months back but the love for writing can be very well seen. She may be short on experience but it has definitely not stopped her from presenting some of the finest articles. Bernice is currently a very well-known personality on the portal to have shown her skillful writing in such a limited time span.

Leave a comment

Your email address will not be published. Required fields are marked *