More than 100 thousand rich Americans do not file returns and do not pay taxes: what awaits them

The US Internal Revenue Service (IRS) will take action against 125 Americans who earn more than $000 but do not file taxes, says Fortune.

Photo: iStock.com/Yuliya Movchan

The IRS plans to crack down on 125 high-income people who haven't filed taxes since 000. The department says the cases involve hundreds of millions of dollars in unpaid taxes.

Starting this week, the IRS will begin sending non-compliance letters to more than 25 people who earn more than $000 million a year and 1 Americans with incomes between $100 and $000 million, all of whom failed to pay taxes from 400 to 000.

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This campaign is part of the IRS's ongoing efforts to uncover high wealth tax scams.

“When people fail to file the taxes they are required to file, it is unfair to those taxpayers who are responsibly fulfilling their civic duty under the laws of our country,” IRS Commissioner Daniel Werfel told reporters. “But if they don’t file a tax return, they should know there are consequences.”

In recent months, the agency has announced a slew of new campaigns targeting wealthy people who abuse the tax system or default on their obligations.

The IRS will begin dozens of audits of private jets and how they are used personally by executives and how trips are written off as tax deductions. Earlier this year, the agency announced that it had collected approximately $500 million in delinquent taxes from delinquent millionaires.

What awaits violators

Morris Armstrong, an employee of the National Institute of Tax Practice, explained what punishment awaits those who evade their legal responsibilities.

“If a person fails to file a tax return, they face monthly penalties ranging from 5% to 25% of their tax debt,” Armstrong said. “The penalty for non-payment or late payment is 1/10 of the penalty for failure to file a return.”

The IRS very rarely sends habitual defaulters to jail. Cindy Hockenberry of the National Association of Tax Professionals says so. Otherwise, if you go to jail, you won't be able to work and the IRS won't be able to collect what it's owed from your paycheck.

The system flags the taxpayer, but further actions may take several years, explained Jonathan Boches from Tax Defense Network. The IRS has the right to become interested in a defaulter in a real estate sale, loan transaction, or stock purchase.

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