The IRS estimates that around 85% of taxes are paid voluntarily and on time. But the tax gap, the difference between the taxes paid on time and those still owed, means hundreds of billions of dollars are missing every year. While politicians often look to increase or decrease taxes as a part of thei
Publish Date: Feb 16, 2021
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The IRS estimates that around 85% of taxes are paid voluntarily and on time. But the tax gap, the difference between the taxes paid on time and those still owed, means hundreds of billions of dollars are missing every year. While politicians often look to increase or decrease taxes as a part of their platform, simply shrinking this gap by collecting the taxes due could solve problems and is fair to everyone. There’s an estimated $574 billion tax gap per year Charles Rossotti, the former IRS Commissioner, joins Kelly on this episode of the Taxgirl podcast to discuss how the tax gap can be shrunk. Charles goes over some of ways the IRS can be modernized to not only collect all the taxes due but ensure a smoother process for preparers and filers. Listen to Kelly and Charles talk about the tax gap: Charles’ article on how the government should target the tax gap instead of raising taxes Where does the gap come from? How the IRS can get those taxes Why doesn’t Congress enact changes to close the tax gap? The cost to close the tax gap The importance of information reporting Debunking the myth that someone’s taxes are too complex to audit Reconciliation forms How big the tax gap is compared to the average taxpayers More about Kelly Phillips Erb: Kelly is the creator and host of the new Taxgirl podcast series. Kelly is a practicing tax attorney with considerable experience and knowledge. She works with taxpayers like you every day. One of the things that she does is help folks out of tax jams, and hopefully, keep others from getting into them. Links mentioned: Kelly’s Website – Taxgirl Charles’ Bloomberg article Shrink the Tax Gap Website