* . *
  • About
  • Advertise
  • Privacy & Policy
  • Contact
Tuesday, May 27, 2025
Earth-News
  • Home
  • Business
  • Entertainment
    First look: Disney shows star villains, Little Mermaid, tech – Yahoo

    Unveiling Disney’s Dark Side: A Sneak Peek at Iconic Villains, The Little Mermaid, and Cutting-Edge Technology!

    Fans Call Out Disney For Cutting Favorite ‘Lilo & Stitch’ Character: ‘It Makes Me Want to Cry’ – Yahoo

    Disney Fans Heartbroken Over the Cut of Beloved ‘Lilo & Stitch’ Character: ‘It Makes Me Want to Cry

    Oh My Girl’s sister group USPEER from WM Entertainment introduces individual members with high-energy clips for ‘Speed Zone’ debut – allkpop

    Get Ready to Meet USPEER: Oh My Girl’s Sister Group Unveils Dynamic Members in ‘Speed Zone’ Debut Clips!

    Ways to save money on entertainment and travel this summer – CBS News

    Smart Strategies to Slash Your Summer Entertainment and Travel Costs!

    ‘Devil Wears Prada 2’ Sparks Debate Over Miranda Priestly’s Fate – Yahoo

    Will Miranda Priestly Rise Again? The Controversy Surrounding ‘Devil Wears Prada 2

    CT Senate backs panel to support struggling live entertainment venues – WSHU

    CT Senate Approves New Initiative to Aid Struggling Live Entertainment Venues

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    Searenergy partners with Tethys Robotics on subsea inspection technology – Windtech International

    Searenergy partners with Tethys Robotics on subsea inspection technology – Windtech International

    China successfully tests new-gen satellite-to-ground data transmission technology – Global Times

    China successfully tests new-gen satellite-to-ground data transmission technology – Global Times

    Wireless Connectivity Technology Market Set to Witness – openPR.com

    Exploring the Future: Wireless Connectivity Technology Market Poised for Remarkable Growth!

    AI can do a better job of persuading people than we do – MIT Technology Review

    Why AI Outshines Us in the Art of Persuasion

    Cold Spray Technology: Parts Production Faster, Cheaper. – Marine News Magazine

    Revolutionizing Manufacturing: How Cold Spray Technology is Transforming Parts Production for Speed and Savings

    Stripe announced as new headline sponsor of Young Scientist & Technology Exhibition – The Irish Times

    Stripe announced as new headline sponsor of Young Scientist & Technology Exhibition – The Irish Times

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
  • Home
  • Business
  • Entertainment
    First look: Disney shows star villains, Little Mermaid, tech – Yahoo

    Unveiling Disney’s Dark Side: A Sneak Peek at Iconic Villains, The Little Mermaid, and Cutting-Edge Technology!

    Fans Call Out Disney For Cutting Favorite ‘Lilo & Stitch’ Character: ‘It Makes Me Want to Cry’ – Yahoo

    Disney Fans Heartbroken Over the Cut of Beloved ‘Lilo & Stitch’ Character: ‘It Makes Me Want to Cry

    Oh My Girl’s sister group USPEER from WM Entertainment introduces individual members with high-energy clips for ‘Speed Zone’ debut – allkpop

    Get Ready to Meet USPEER: Oh My Girl’s Sister Group Unveils Dynamic Members in ‘Speed Zone’ Debut Clips!

    Ways to save money on entertainment and travel this summer – CBS News

    Smart Strategies to Slash Your Summer Entertainment and Travel Costs!

    ‘Devil Wears Prada 2’ Sparks Debate Over Miranda Priestly’s Fate – Yahoo

    Will Miranda Priestly Rise Again? The Controversy Surrounding ‘Devil Wears Prada 2

    CT Senate backs panel to support struggling live entertainment venues – WSHU

    CT Senate Approves New Initiative to Aid Struggling Live Entertainment Venues

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    Searenergy partners with Tethys Robotics on subsea inspection technology – Windtech International

    Searenergy partners with Tethys Robotics on subsea inspection technology – Windtech International

    China successfully tests new-gen satellite-to-ground data transmission technology – Global Times

    China successfully tests new-gen satellite-to-ground data transmission technology – Global Times

    Wireless Connectivity Technology Market Set to Witness – openPR.com

    Exploring the Future: Wireless Connectivity Technology Market Poised for Remarkable Growth!

    AI can do a better job of persuading people than we do – MIT Technology Review

    Why AI Outshines Us in the Art of Persuasion

    Cold Spray Technology: Parts Production Faster, Cheaper. – Marine News Magazine

    Revolutionizing Manufacturing: How Cold Spray Technology is Transforming Parts Production for Speed and Savings

    Stripe announced as new headline sponsor of Young Scientist & Technology Exhibition – The Irish Times

    Stripe announced as new headline sponsor of Young Scientist & Technology Exhibition – The Irish Times

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
Earth-News
No Result
View All Result
Home Business

Americans failed to pay $688 billion in income taxes in 2021—and the amount grows every year, IRS says

October 12, 2023
in Business
Americans failed to pay $688 billion in income taxes in 2021—and the amount grows every year, IRS says
Share on FacebookShare on Twitter

Danny Werfel, commissioner of the Internal Revenue Service.

Al Drago/Bloomberg via Getty Images

The amount of tax money owed but not paid to the IRS is set to keep growing, according to projections published by the federal tax collection agency on Thursday.

For tax years 2021 and 2020, the latest to receive such IRS estimates, the projected gross “tax gap” soared to $688 billion and $601 billion, respectively. That marks a significant jump compared to years past — with gross tax gap projections standing at $550 billion for 2017-2019 and $496 billion for 2014-2016.

One of the IRS’s biggest challenges is making sure that people actually pay their taxes. While agency data shows that the vast majority of Americans pay their taxes voluntarily and on time, hundreds of billions of dollars in unpaid taxes pile up each year — and tax gap estimates keep getting bigger.

IRS Commissioner Danny Werfel said that the rising tax gap estimates “underscores the importance” of more compliance efforts. Part of the $80 billion the IRS received from the Biden administration’s Inflation Reduction Act is being used for that purpose.

“We are adding focus and resources to areas of compliance concern, including high-income and high-wealth individuals, partnerships and corporations,” Werfel said in a statement. “These steps are urgent in many ways, including adding more fairness to the tax system, protecting those who pay their taxes and working to combat the tax gap.”

The tax gap could also be bigger than expected. Some prior-year projections have already been revised higher. The gross tax gap for 2017-2019, for example, was initially expected to be $540 billion, but climbed $10 billion in later estimates.

Estimates for 2021 assume that noncompliant behavior hasn’t changed since the most recent 2014-2016 audit, IRS officials noted in a call with reporters — meaning that current projections don’t reflect filing behavior seen in the pandemic, for example. But shifts in economic activity and changes in the mix and type of income reported for 2021 are accounted for — so as total tax liability increases, so does the tax gap.

Agency officials added that Inflation Reduction Act funding is also being used to establish more sophisticated methods aimed at measuring more recent behavioral changes.

Thursday’s announcement also marks the first time tax gap projections have been provided for single tax years.

The projected gross tax gap — made up of failed payments through nonfiling, underreporting and underpayments — doesn’t account for late payments or IRS enforcement. In 2021, the IRS expects to bring in $63 billion through late payments and enforcement efforts, bringing the estimated net tax gap to $625 billion.

Subscribe to Well Adjusted, our newsletter full of simple strategies to work smarter and live better, from the Fortune Well team. Sign up today.

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : Fortune – https://fortune.com/2023/10/12/irs-unpaid-taxes-tax-gap/

Tags: Americans’businessfailed
Previous Post

The Hollywood strike gets uglier as the studios spike talks over an $800 million residuals ask. The guild calls out ‘bully tactics’ and says that’s a 60% overstatement

Next Post

6 ways climate change is hurting your health—and what you can do about it

The Dialectics of Ecology and Ecological Civilization – Monthly Review

The Dialectics of Ecology and Ecological Civilization – Monthly Review

May 27, 2025
National Medal Of Science Winner John Dabiri To Present Free Lecture June 2 On How Jellyfish Can Solve Real-World Problems – Los Alamos Reporter

Unlocking Nature’s Secrets: Join John Dabiri for a Free Lecture on How Jellyfish Can Inspire Real-World Solutions!

May 27, 2025
Trump Has Cut Science Funding to Its Lowest Level in Decades – The New York Times

Trump’s Cuts Leave Science Funding at Historic Lows

May 27, 2025
Object 1 Launches New Lifestyle Project – RLI – Retail & Leisure International

Object 1 Unveils Exciting New Lifestyle Project!

May 27, 2025
Google DeepMind CEO ‘warns’ students getting into college: The world you are entering will … – Times of India

Google DeepMind CEO Issues a Stark Warning to Incoming College Students: Prepare for an Uncertain Future!

May 27, 2025
Port City Air impact on Seacoast economy projected to be $1.5 billion over next decade – Seacoastonline.com

Port City Air Set to Boost Seacoast Economy by $1.5 Billion in the Next Decade!

May 27, 2025
First look: Disney shows star villains, Little Mermaid, tech – Yahoo

Unveiling Disney’s Dark Side: A Sneak Peek at Iconic Villains, The Little Mermaid, and Cutting-Edge Technology!

May 27, 2025
Nearly 55% of physicians feel valued by their organization – American Medical Association

Over Half of Physicians Feel Valued by Their Organizations: A Positive Shift in Healthcare

May 27, 2025
Which Democrats will run for governor if Tony Evers doesn’t and answers to other questions – Milwaukee Journal Sentinel

Who Will Step Up? Exploring Potential Democratic Candidates for Governor if Tony Evers Doesn’t Run

May 27, 2025
Searenergy partners with Tethys Robotics on subsea inspection technology – Windtech International

Searenergy partners with Tethys Robotics on subsea inspection technology – Windtech International

May 27, 2025

Categories

Archives

May 2025
MTWTFSS
 1234
567891011
12131415161718
19202122232425
262728293031 
« Apr    
Earth-News.info

The Earth News is an independent English-language daily published Website from all around the World News

Browse by Category

  • Business (20,132)
  • Ecology (644)
  • Economy (657)
  • Entertainment (21,565)
  • General (15,243)
  • Health (9,699)
  • Lifestyle (661)
  • News (22,149)
  • People (659)
  • Politics (665)
  • Science (15,880)
  • Sports (21,164)
  • Technology (15,645)
  • World (646)

Recent News

The Dialectics of Ecology and Ecological Civilization – Monthly Review

The Dialectics of Ecology and Ecological Civilization – Monthly Review

May 27, 2025
National Medal Of Science Winner John Dabiri To Present Free Lecture June 2 On How Jellyfish Can Solve Real-World Problems – Los Alamos Reporter

Unlocking Nature’s Secrets: Join John Dabiri for a Free Lecture on How Jellyfish Can Inspire Real-World Solutions!

May 27, 2025
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

Go to mobile version