IRS Forecasts Growing Tax Gap in the US, Reaching $688 Billion in 2021

Benzinga

The IRS projects that the tax gap in the United States, the difference between taxes owed and paid, will continue to increase. The projected tax gap for 2021 and 2020 is $688 billion and $601 billion, respectively, a significant increase from previous years. The IRS plans to allocate funds from the Inflation Reduction Act to improve compliance efforts and address concerns among high-income individuals, high-wealth individuals, partnerships, and corporations.

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00:00 It's Benzinga and here's what's on the block.

00:02 The IRS projects that the tax gap in the United States, the difference between taxes owed

00:07 and paid, will continue to increase.

00:10 The projected tax gap for 2021 and 2020 is $688 billion and $601 billion respectively,

00:17 a significant increase from previous years.

00:21 The IRS plans to allocate funds from the Inflation Reduction Act to improve compliance efforts

00:26 and address concerns among high-income individuals, high-wealth individuals, partnerships and

00:31 corporations.

00:32 For all things money, visit Benzinga.com.

00:34 [BLANK_AUDIO]

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