🎶 It's the Most Wonderful Time of the Year🎶: IRS Launches Crackdown on Wealthy ‘non-filers’

The IRS plans to go after 125,000 high-income earners who did not file tax returns going back to 2017 — and the agency says hundreds of millions of dollars of unpaid taxes are involved in these cases.

Beginning this week, the IRS will start sending out noncompliance letters to more than 25,000 people who earn more than $1 million per year and 100,000 people with incomes between $400,000 and $1 million who failed to pay their taxes between 2017 and 2021.

The campaign announced Thursday is part of the agency’s ongoing effort to pursue high wealth tax cheats — mandated in part by funding provided through Democrats’ Inflation Reduction Act passed into law in 2022 and a directive from Treasury Secretary Janet Yellen to IRS leadership not to increase audit rates on people making less than $400,000 a year annually.

“When people don’t file a tax return they’re required to, it’s not fair to those hardworking taxpayers who responsibly do their civic duty under the laws of our nation,” IRS Commissioner Daniel Werfel told reporters Thursday morning.

More In Business

Why AI “actress” Tilly Norwood is no threat to Hollywood

Tilly Norwood, the AI “actress” that has tinsel town talking, is nothing to fear.

How 'The Life of a Showgirl' Shattered Sales Records

Sinead O’Sullivan breaks down Taylor Swift’s genius marketing for The Life of a Showgirl, which just set the record for most albums sold in a single week.

Markets, Mayhem, and the Fed: What Q4 Could Bring

Markets are emerging from a turbulent Q3. Horizon’s Mike Dickson shares insights on interest rates, small caps, and where investors should look in Q4 and beyond

GMC's Next Chapter: EVs, Hybrids, and What's Driving the Future

Jaclyn McQuaid, Global VP at GMC, shares what’s ahead as the brand shifts gears toward EVs and hybrids—and how innovation is fueling their next era.

Inside the Lemonaid Health Buy: Kyle Pretsch on Bambu Ventures’s Bold Play

Bambu Ventures's Kyle Pretsch dives into Lemonaid’s $10M buyout, down from 23andMe’s $400M price tag, and what’s next after Chrome Co.’s dramatic pivot.

Cleaning Up the Industry: Grove Collaborative CEO on Building a Zero-Waste Future

Grove Collaborative’s CEO shares how the company is reinventing everyday goods with sustainability at the core and working toward a plastic-free future.

Mayor Andre Dickens on Fixing Housing, Feeding Communities, and Reimagining Atlanta

Atlanta Mayor Andre Dickens shares plans for affordable housing, community-led growth, and why private and public grocery stores could be key to food equity.

Big Business This Week: Protecting your 401(k) from market risks

Just because the stock market keeps going up, you might feel it’s a good idea to protect your 401(k) and other market investments.

30 years later, Pixar resurrects two-dimensional animation

Toy Story’s major achievement, much to the chagrin of the people who worked on it, was to kill American two-dimensional animation. Or was it?

Apple vs. Amazon: Which New Tech Products Are Worth Your Wallet?

Tom’s Guide Editor-in-Chief Mark Spoonauer breaks down Apple & Amazon's latest product drops—what's hot, what's hype, and what really matters for users.

Load More