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Tax and Tax Information - Income Tax

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Tax and Tax Information * Income Tax

IRS Reports Tax Gap of $300 Billion   
Richard A. Chapo

The Internal Revenue Service is reporting that the difference between what U.S. taxpayers owe and actually pay on time totals more than $300 billion a year. Studying over 46,000 tax returns for individuals revealed the tax gap. These results indicate a failure of 15 to 16 percent of individual tax payers to fully pay their taxes. IRS enforcement activities recovered roughly $55 billion of that total gap, leaving a net tax gap of $257 billion to $298 billion.

The tax gap is comprised of three components -- underreported income, underpayment of taxes and failure to file tax returns at all. 80 percent of gap was due to individuals underreporting their income, while non-filing and underpayment accounted equally for the remaining 20 percent.

The IRS reported that underreporting was mostly linked to understated income, not overstated deductions. The agency also determined that most of the understated income was related to business activities, not wages or investment income.

While these figures may appear shocking, they more or less match the results found in a 1988 study. The numbers are also artificially inflated by individuals that fail to file returns and pay taxes. The IRS is not expected to take any new course of action based on these results.

Article to continue below----------------------------------------------

Let Bush Tax Cuts End, Economists Say (Fox News)
NABE economist said Congress should let the Bush tax cuts expire.

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No Blowing Smoke: Group Discusses SC Cigarette Tax (AP Via Yahoo! Finance)
Doctors and an anti-smoking group discuss efforts to raise South Carolina's 7-cent-a-pack cigarette tax that is the lowest in the nation.
Tax Season Brings Out The Fraud Artists (ABC News)
Tax season is a popular time for identity-theft scams. Identity theft - Theft - Crime - Fraud - Law

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Richard Chapo is CEO of <strong>Business Tax Recovery</strong> - Obtaining tax refunds for small businesses by finding
overlooked tax deductions and credits through a free tax return review.

What Other Authors say about Taxes

Don't Forget About These Frequently Overlooked Tax Deductions by Gray Rollins

When an individual files their tax returns each year they are able to claim a number of tax deductions. Many times a tax deduction can reduce the amount of money that is owed to the Internal Revenue Service...

Advice For Using Free Tax Forms by Carl LaFresnaye

There are many different avenues that can be used to obtain free tax forms from the government. There are usually free tax forms that can be found at the local libraries during tax season. There are...

Top 7 Ways to Reduce Income Taxes by Kristine McKinley

Are you paying too much in income taxes? Are you getting all the credits and deductions you are entitled to? Here are 7 tips to help you minimize taxes and keep more in your pocket:1. Participate in company...

Social Security and Our Current Tax System by Tony Robinson

Every week that you work, there are taxes deducted from your gross payroll that are distributed to the Social Security Administration, along with other programs administered by the government. Of all the...

Preparing Ahead For A Pleasant Tax Day by Carl LaFresnaye

How did you spend your last tax day? In line at a post office at almost midnight, dropping off your taxes? Dreading going on an extension again – knowing if you owe and don't pay it on time, there will...

The Role Of A Tax Collector by Michael Sneed

The County Tax Collector is as independent government agency and is elected for a four-year term in the Presidential election year. It is essential that a County Tax Collector is independent to ensure...


Who are the CPA Moms?      Your Tax Professional Forever!!!!

“CPA Moms - Tax Moms - EA Moms" are trade names given to Accounting and Tax Professionals who chose to work in an “relaxed” environment. Some "Moms" work from home, other work from personal offices. Not all are Moms, there are some Dads. We call them Mr. Tax Moms. CPA Dads or Enrolled Agents Dads.
Each Mom is independent. Once a client starts working with a Mom, the client will keep the same “Mom” year after year regardless of where the client moves or relocates. Being in a “relaxed” environment has many advantages. Lower overhead, faster response time, more availability, etc.
To be a member a CPA Mom, Tax Moms, or an Erolled Moms the Tax Professional must ALWAYS be in good standing with their state licensing agency, experienced, and must demonstrate a high level of ethics, professionalism and proficiency.
Tax Net Inc, the parent company for all CPA Moms, Tax Moms and Enrolled Moms, developed the marketing and on-line systems to help qualified Tax Professionals who "choose" work from their “relaxed” environment and offer better service at a lower price to the consumer.
Since the “Moms” do taxes and accounting of all complexities, there is always a Mom available for every level of work. Since each Mom has a private 800 number, you are just a phone call away, regardless of where you live.
For reliability and dependability of Tax Net, Inc, the parent company of the “Moms” organization click on the Better Business Bureau (BBB) icon.

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Index of Articles about Taxes

What Other Authors say about Taxes

Don't Forget About These Frequently Overlooked Tax Deductions by Gray Rollins

When an individual files their tax returns each year they are able to claim a number of tax deductions. Many times a tax deduction can reduce the amount of money that is owed to the Internal Revenue Service...

Advice For Using Free Tax Forms by Carl LaFresnaye

There are many different avenues that can be used to obtain free tax forms from the government. There are usually free tax forms that can be found at the local libraries during tax season. There are...

Top 7 Ways to Reduce Income Taxes by Kristine McKinley

Are you paying too much in income taxes? Are you getting all the credits and deductions you are entitled to? Here are 7 tips to help you minimize taxes and keep more in your pocket:1. Participate in company...

Social Security and Our Current Tax System by Tony Robinson

Every week that you work, there are taxes deducted from your gross payroll that are distributed to the Social Security Administration, along with other programs administered by the government. Of all the...

Preparing Ahead For A Pleasant Tax Day by Carl LaFresnaye

How did you spend your last tax day? In line at a post office at almost midnight, dropping off your taxes? Dreading going on an extension again – knowing if you owe and don't pay it on time, there will...

The Role Of A Tax Collector by Michael Sneed

The County Tax Collector is as independent government agency and is elected for a four-year term in the Presidential election year. It is essential that a County Tax Collector is independent to ensure...