The Internal Revenue Service (IRS) is set to target affluent individuals who haven’t filed tax returns in recent years.
This week, the IRS aims to recover hundreds of millions of dollars in unpaid taxes from 125,000 cases.
Non-compliance notices will be issued to those earning over $400,000 annually, who failed to file federal income tax returns from 2017 to 2021.
The IRS estimates “hundreds of millions of dollars” are owed, with 25,000 notices for incomes exceeding $1 million and over 100,000 for incomes between $400,000 and $1 million during the specified tax years.
The total financial activity of non-filers is estimated to exceed $100 billion, prompting the IRS to send compliance alerts (CP59 notices) to approximately 20,000 to 40,000 individuals weekly, starting with those in the highest income brackets.
