- Non-filing taxpayers with income exceeding $100,000 in a given year can expect a knock on the door from the IRS starting this month.
- Thus far, the agency anticipates making about 800 visits in the first two months, with thousands more through the year.
- Failure to timely file your return can lead to a penalty equal to 5% of unpaid taxes. Failure to pay taxes results in a penalty of 0.5% of the liability owed.
The IRS will soon start making house calls to high-income individuals who didn’t submit a tax return.
Starting this month, the agency will send its revenue officers to visit people with income in excess of $100,000 and who failed to file Form 1040 in 2018 or in previous years.
“These visits shouldn’t come as a surprise to the taxpayer because the IRS has contacted these individuals multiple times regarding their tax issues prior to their cases being assigned to an IRS revenue officer,” said Hank Kea, director of field collection operations, small business/self-employed division, at the federal agency.
www.cnbc.com/2020/02/19/these-high-income-taxpayers-are-getting-a-visit-from-the-irs.html?__source=sharebar|linkedin&par=sharebar
Views: