Are More Audits in Taxpayers’ Future?

[Epoch-Times-Bot]

Are More Audits in Taxpayers' Future?

By Joy Taylor
From Kiplinger’s Personal Finance
Question: Why did Congress give the IRS (Internal Revenue Service) so much more money? Does this mean we all will be subject to more audits?
Answer: The rising tax gap is one reason the IRS asked for $80 billion in extra funds—and got it. The tax gap is the difference between the amount of taxes owed and what the IRS collects.
The revenue lost from tax cheating is rising—$496 billion yearly from 2014 through 2016, according to new IRS data. Of this, the IRS says it will be able to recoup $68 billion through audits and other enforcement measures. And the tax gap is projected to go even higher: $540 billion for each year for 2017 through 2019 or $470 billion annually after audits and enforcements....

Source: Are More Audits in Taxpayers' Future?

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