The IRS has initiated action against high earners who have failed to file their taxes, with over 125,000 notices being sent out to individuals who earned $400,000 or more between 2017 and 2021. This move underscores the IRS’s commitment to addressing noncompliance and ensuring tax fairness.
IRS Commissioner Danny Werfel emphasized the importance of addressing this form of noncompliance, which includes individuals engaged in tax evasion. With access to income information from forms like W-2s and 1099s, the IRS can identify taxpayers who have not filed returns and take appropriate action.
Taxpayers have a responsibility to accurately declare their income, calculate their tax liabilities, and file their returns on time. Failure to do so can result from various reasons such as procrastination, financial difficulties, or even tax evasion. However, regardless of the reason, the IRS is determined to hold non-filers accountable.
The consequences of failing to file taxes can be severe, including penalties, interest on unpaid taxes, and in extreme cases, criminal prosecution. Therefore, individuals who have not filed their taxes are urged to rectify the situation promptly.
Until recently, non-filers may have avoided hearing from the IRS about their noncompliance. However, with the recent enforcement actions, individuals who have failed to fulfill their tax obligations can expect to receive notices from the IRS urging them to address their tax liabilities.
Overall, the IRS’s efforts to target high earners who have not filed their taxes demonstrate its commitment to upholding tax laws and ensuring compliance among all taxpayers. As tax season approaches, it serves as a reminder to individuals to fulfill their tax obligations promptly and accurately to avoid facing consequences from the IRS.
