Also published in Accounting Today:
Look Before You Leap from an S to a C Corporation
x hide permanently

IRS Hopes to Collect Billions in Taxes from Nonfilers

Accounting Today

The Internal Revenue Service plans to make changes in how it deals with people who don’t file tax returns to collect billions of dollars in lost tax revenue, according to a new report. The report, from the Treasury Inspector General for Tax Administration, said the IRS has a strategy in place as part of its Case Creation Nonfiler Identification Process to identify taxpayers who have not filed a tax return and are required to do so if their income is above a certain threshold.