A quirk in federal tax law may be incentivizing wealthy people who want to avoid paying taxes to simply not file their returns.
The article from NBC News discusses how wealthy Americans are still evading IRS scrutiny despite efforts to crack down on non-filers. It highlights that the IRS has been attempting to address the issue of high-income individuals who fail to file tax returns, but progress has been slow. The article mentions that the IRS has identified over 125,000 cases of individuals with incomes over $1 million who did not file returns from 2017 to 2020, yet only a small fraction of these cases have been resolved. Challenges include limited resources, outdated technology, and the complexity of tracking down these individuals. Furthermore, the article notes that while the IRS has received additional funding to enhance enforcement, the process of bringing these non-filers into compliance remains cumbersome, with many wealthy individuals exploiting loopholes or simply ignoring their obligations, thereby continuing to avoid taxation.
Business & Finance
Sat, December 7, 2024 
