IRS Reports Tax Gap of $300 Billion

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.

Richard Chapo is CEO of http://www.businesstaxrecovery.com - Obtaining tax refunds for small businesses by finding overlooked tax deductions and credits through a free tax return review.

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As the Economy Sinks, So Do Odds of a Tax Cut - U.S. News World Report

table border=0 width= valign=top cellpadding=2 cellspacing=7trtd width=80 align=center valign=topfont style=font-size:85%;font-family:arial,sans-serifa href=http://news.google.com/news/url?sa=Tct=us/0i-0fd=Rurl=http://abcnews.go.com/Politics/Vote2008/story%3Fid%3D5977264%26page%3D1cid=1256027098ei=-unvSM2bEIu-9gSGuqS4Bwusg=AFQjCNFq0yNxvYtiWOCs0ePI7TBsTmnA3Qimg src=http://news.google.com/news?imgefp=bwsbSZtIet0Jimgurl=a.abcnews.com/images/Politics/ap_george_bush_081008_mn.jpg width=80 height=60 alt= border=1brfont size=-2ABC News/font/a/font/tdtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbrdiv style=padding-top:0.8em;img alt= height=1 width=1/divdiv class=lha href=http://news.google.com/news/url?sa=Tct=us/0-0fd=Rurl=http://www.usnews.com/blogs/flowchart/2008/10/9/as-the-economy-sinks-so-do-odds-of-a-tax-cut.htmlcid=1256027098ei=-unvSM2bEIu-9gSGuqS4Bwusg=AFQjCNFXgWSzYr7gLxcWoz8sZkT6CbMgfgAs the Economy Sinks, So Do Odds of a bTax/b Cut/abrfont size=-1font color=#6f6f6fU.S. News World Report,nbsp;DCnbsp;-/font nobrOct 9, 2008/nobr/fontbrfont size=-1One of the riskiest financial moves you make this year could be listening to the presidential candidates—and banking on a btax/b cut after the November b.../b/fontbrfont size=-1a href=http://news.google.com/news/url?sa=Tct=us/0-1fd=Rurl=http://www.youtube.com/watch%3Fv%3D3ShDaWICNZ4cid=1256027098ei=-unvSM2bEIu-9gSGuqS4Bwusg=AFQjCNFnIleO86KXlS5WJ8NOpiDz0QItVgVideo: VP Debate - Tax Policies: Why are your tax policies not .../a font size=-1 color=#6f6f6fnobrCSPAN/nobr/fontobject width=448 height=356param name=movie value=http://www.youtube.com/v/3ShDaWICNZ4/paramparam name=wmode value=transparent/paramembed src=http://www.youtube.com/v/3ShDaWICNZ4type=application/x-shockwave-flashwmode=transparentwidth=448height=356/embed/objectbr/fontfont size=-1a href=http://news.google.com/news/url?sa=Tct=us/0-2fd=Rurl=http://www.blackvoices.com/blogs/2008/10/10/lower-taxes-fix-the-economy/cid=1256027098ei=-unvSM2bEIu-9gSGuqS4Bwusg=AFQjCNHf0UIWCzJ1ifXNUOIwa7wyw8YaSQCan Lower bTaxes/b Fix The Economy?/a font size=-1 color=#6f6f6fnobrBlackvoices/nobr/font/fontbrfont size=-1a href=http://news.google.com/news/url?sa=Tct=us/0-3fd=Rurl=http://www.chron.com/disp/story.mpl/nation/6048058.htmlcid=1256027098ei=-unvSM2bEIu-9gSGuqS4Bwusg=AFQjCNEBv_A6jEm1LBMwTsGIOjcEu9zHsgBoth candidates mum on effect of crisis on spending, btaxes/b/a font size=-1 color=#6f6f6fnobrHouston Chronicle/nobr/font/fontbrfont size=-1 class=pa href=http://news.google.com/news/url?sa=Tct=us/0-4fd=Rurl=http://cbs4denver.com/seenon/obama.mccain.taxes.2.836041.htmlcid=1256027098ei=-unvSM2bEIu-9gSGuqS4Bwusg=AFQjCNENdlzW4a1oXx5yk1QSbL_j0X58UAnobrcbs4denver.com/nobr/anbsp;- a href=http://news.google.com/news/url?sa=Tct=us/0-5fd=Rurl=http://politicalticker.blogs.cnn.com/2008/10/09/fact-check-obama-tax-plan-and-small-businesses/cid=1256027098ei=-unvSM2bEIu-9gSGuqS4Bwusg=AFQjCNFKwWjde0NNYPTePiqQl91TuCMdugnobrCNN Political Ticker/nobr/a/fontbr/font class=p size=-1a class=p href=http://news.google.com/news?sourceid=navclientie=ISO-8859-1rls=GGLG,GGLG:2005-22,GGLG:enncl=1256027098hl=ennobrall 602 news articles/nobr/a/font/div/font/td/tr/table

Tax experts suggest ways to close $300 billion gap - The Associated Press

California GOP Legislators Stop Billions in New Taxes - Human Events

table border=0 width= valign=top cellpadding=2 cellspacing=7trtd width=80 align=center valign=topfont style=font-size:85%;font-family:arial,sans-serifa href=http://news.google.com/news/url?sa=Tct=us/2i-0fd=Rurl=http://www.chron.com/disp/story.mpl/ap/nation/6050524.htmlcid=1255678849ei=-unvSM2bEIu-9gSGuqS4Bwusg=AFQjCNGoIQ9jBPH6E_qzSf_J5Vah_jJJUwimg src=http://news.google.com/news?imgefp=rjW_B3hLuxoJimgurl=www.chron.com/photos/2008/10/08/13439599/260xStory.jpg width=55 height=80 alt= border=1brfont size=-2Houston Chronicle/font/a/font/tdtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbrdiv style=padding-top:0.8em;img alt= height=1 width=1/divdiv class=lha href=http://news.google.com/news/url?sa=Tct=us/2-0fd=Rurl=http://www.humanevents.com/article.php%3Fid%3D28958cid=1255678849ei=-unvSM2bEIu-9gSGuqS4Bwusg=AFQjCNEmOZySCZ3cy914HKDQVbz3k7kZyQCalifornia GOP Legislators Stop Billions in New bTaxes/b/abrfont size=-1font color=#6f6f6fHuman Events,nbsp;DCnbsp;-/font nobrOct 9, 2008/nobr/fontbrfont size=-1The standoff was long because the stakes were great: Would Californians be saddled with a rapidly growing government and higher btaxes/b in economically slow b.../b/fontbrfont size=-1a href=http://news.google.com/news/url?sa=Tct=us/2-1fd=Rurl=http://www.usnews.com/articles/news/national/2008/10/09/credit-crisis-means-states-may-need-help-from-federal-treasury.htmlcid=1255678849ei=-unvSM2bEIu-9gSGuqS4Bwusg=AFQjCNH0gtcrly7_VHFpsssbXGwFSR11cgCredit Crisis Means States May Need Help From Federal Treasury/a font size=-1 color=#6f6f6fnobrU.S. News World Report/nobr/font/fontbrfont size=-1a href=http://news.google.com/news/url?sa=Tct=us/2-2fd=Rurl=http://www.mercurynews.com/ci_10672464%3Fsource%3Dmost_emailedcid=1255678849ei=-unvSM2bEIu-9gSGuqS4Bwusg=AFQjCNFfALJ_lKNFWYiHUhp0MwKQNTjgWgCalifornia#39;s new budget already $1 billion in the red/a font size=-1 color=#6f6f6fnobrSan Jose Mercury News/nobr/font/fontbrfont size=-1a href=http://news.google.com/news/url?sa=Tct=us/2-3fd=Rurl=http://www.nytimes.com/2008/10/09/us/09calif.html%3Fhpcid=1255678849ei=-unvSM2bEIu-9gSGuqS4Bwusg=AFQjCNH3IfTgCaU-NBwjDnROhbpfnUKwTgOptimism on California Budget Cuts/a font size=-1 color=#6f6f6fnobrNew York Times/nobr/font/fontbrfont size=-1 class=pa href=http://news.google.com/news/url?sa=Tct=us/2-4fd=Rurl=http://www.whittierdailynews.com/news/ci_10674199cid=1255678849ei=-unvSM2bEIu-9gSGuqS4Bwusg=AFQjCNEO_JpLW41X1lLQvHTauRMTAu8L4QnobrWhittier Daily News/nobr/anbsp;- a href=http://news.google.com/news/url?sa=Tct=us/2-5fd=Rurl=http://ap.google.com/article/ALeqM5gVKofKbtJ2gCh_9py0AYsipjglpAD93M24FG0cid=1255678849ei=-unvSM2bEIu-9gSGuqS4Bwusg=AFQjCNFmnWKHEtbboSnr6hEzBMCPEBQ6HwnobrThe Associated Press/nobr/a/fontbr/font class=p size=-1a class=p href=http://news.google.com/news?sourceid=navclientie=ISO-8859-1rls=GGLG,GGLG:2005-22,GGLG:enncl=1255678849hl=ennobrall 593 news articles/nobr/a/font/div/font/td/tr/table

Correlate activities and considerations to avert double tax in EPC - Hindu

table border=0 width= valign=top cellpadding=2 cellspacing=7trtd width=80 align=center valign=topfont style=font-size:85%;font-family:arial,sans-serifa href=http://news.google.com/news/url?sa=Tct=us/3i-0fd=Rurl=http://www.presstv.ir/detail.aspx%3Fid%3D71739%26sectionid%3D351020102cid=1256151867ei=-unvSM2bEIu-9gSGuqS4Bwusg=AFQjCNGQrpGptllLftHY0oQ7CJCxA9MhmQimg src=http://news.google.com/news?imgefp=cWYafCHb0b8Jimgurl=www.presstv.ir/photo/20081009/bageri_d20081009193908328.jpg width=80 height=54 alt= border=1brfont size=-2PRESS TV/font/a/font/tdtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbrdiv style=padding-top:0.8em;img alt= height=1 width=1/divdiv class=lha href=http://news.google.com/news/url?sa=Tct=us/3-0fd=Rurl=http://www.hindu.com/thehindu/holnus/006200810102194.htmcid=1256151867ei=-unvSM2bEIu-9gSGuqS4Bwusg=AFQjCNGoUgHJXNbWxPKnGQHYQdBDckq9agCorrelate activities and considerations to avert double btax/b in EPC/abrfont size=-1font color=#6f6f6fHindu,nbsp;Indianbsp;-/font nobr7 hours ago/nobr/fontbrfont size=-1Appropriate structuring of EPC (engineering, procurement and construction) contracts is essential to minimise both direct and indirect btax/b costs, b.../b/fontbrfont size=-1a href=http://news.google.com/news/url?sa=Tct=us/3-1fd=Rurl=http://www.iranmania.com/News/ArticleView/Default.asp%3FNewsCode%3D62196%26NewsKind%3DCurrent%2520Affairscid=1256151867ei=-unvSM2bEIu-9gSGuqS4Bwusg=AFQjCNHUIOCdy0-ld0gvY3_hVN_nloDsYgIranian jewelers strike over VAT/a font size=-1 color=#6f6f6fnobrIranMania News/nobr/font/fontbrfont size=-1a href=http://news.google.com/news/url?sa=Tct=us/3-2fd=Rurl=http://www.presstv.ir/detail.aspx%3Fid%3D71739%26sectionid%3D351020102cid=1256151867ei=-unvSM2bEIu-9gSGuqS4Bwusg=AFQjCNGQrpGptllLftHY0oQ7CJCxA9MhmQVAT btax/b mechanism put on hold/a font size=-1 color=#6f6f6fnobrPRESS TV/nobr/font/fontbrfont class=p size=-1a class=p href=http://news.google.com/news?sourceid=navclientie=ISO-8859-1rls=GGLG,GGLG:2005-22,GGLG:enncl=1256151867hl=ennobrall 6 news articles/nobr/a/font/div/font/td/tr/table

The Problem With Tax-Exempt Health Insurance - New York Times

table border=0 width= valign=top cellpadding=2 cellspacing=7trtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbrdiv style=padding-top:0.8em;img alt= height=1 width=1/divdiv class=lha href=http://news.google.com/news/url?sa=Tct=us/4-0fd=Rurl=http://campaignstops.blogs.nytimes.com/2008/10/10/the-problem-with-tax-exempt-health-insurance/%3Fref%3Dopinioncid=1256261296ei=-unvSM2bEIu-9gSGuqS4Bwusg=AFQjCNHvZgO9OAu6tlYwLrHPckStxeXm_gThe Problem With bTax/b-Exempt Health Insurance/abrfont size=-1font color=#6f6f6fNew York Times,nbsp;United Statesnbsp;-/font nobr1 hour ago/nobr/fontbrfont size=-1By Ezekiel Emanuel In this installment of Health Care Watch, Stuart M. Butler and Ezekiel Emanuel talk about what the candidates are saying about btaxes/b and b.../b/fontbrfont size=-1a href=http://news.google.com/news/url?sa=Tct=us/4-1fd=Rurl=http://www.miamiherald.com/news/politics/AP/story/719391.htmlcid=1256261296ei=-unvSM2bEIu-9gSGuqS4Bwusg=AFQjCNGXbqGir9t_3H-foYU4qG6A8RrcEwMcCain#39;s btax/b credit for health care raises questions about savings b.../b/a font size=-1 color=#6f6f6fnobrThe Miami Herald/nobr/font/fontbrfont class=p size=-1a class=p href=http://news.google.com/news?sourceid=navclientie=ISO-8859-1rls=GGLG,GGLG:2005-22,GGLG:enncl=1256261296hl=ennobrall 26 news articles/nobr/a/font/div/font/td/tr/table

Oakland split over raising taxes for more cops - San Francisco Chronicle

Higher fees, taxes spark concern in Toronto - CBC.ca

Where candidates stand: Taxes - Oshkosh Northwestern

table border=0 width= valign=top cellpadding=2 cellspacing=7trtd width=80 align=center valign=topfont style=font-size:85%;font-family:arial,sans-serifa href=http://news.google.com/news/url?sa=Tct=us/7i-0fd=Rurl=http://seattlepi.nwsource.com/national/1131ap_presidents_health_care_analysis.html%3Fsource%3Dmypicid=1252219486ei=-unvSM2bEIu-9gSGuqS4Bwusg=AFQjCNGKNIB1V23oU4EsE4oVANNoQuuzugimg src=http://news.google.com/news?imgefp=wrWqbyhSZWYJimgurl=seattlepi.nwsource.com/dayart/aponline/49573.98McCain-2008.sff.jpg width=80 height=59 alt= border=1brfont size=-2Seattle Post Intelligencer/font/a/font/tdtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbrdiv style=padding-top:0.8em;img alt= height=1 width=1/divdiv class=lha href=http://news.google.com/news/url?sa=Tct=us/7-0fd=Rurl=http://www.thenorthwestern.com/apps/pbcs.dll/article%3FAID%3D/20081009/OSH0101/81003123/1128/OSH01cid=1252219486ei=-unvSM2bEIu-9gSGuqS4Bwusg=AFQjCNGca6eyiE0pRkKzSXFEZBvkDIduTAWhere candidates stand: bTaxes/b/abrfont size=-1font color=#6f6f6fOshkosh Northwestern,nbsp;WInbsp;-/font nobrOct 9, 2008/nobr/fontbrfont size=-1Individual income btaxes/b: Wants Congress to extend the Bush btax/b cuts that lowered the top income-btax/b bracket to 35 percent. Current law calls for the income b.../b/fontbrfont size=-1a href=http://news.google.com/news/url?sa=Tct=us/7-1fd=Rurl=http://www.youtube.com/watch%3Fv%3DerspfMkqLN4cid=1252219486ei=-unvSM2bEIu-9gSGuqS4Bwusg=AFQjCNEyoGKO1hdtXNAW10iMvaxvBmlYUQVideo: McCain, Obama Differ Dramatically on Health Care/a font size=-1 color=#6f6f6fnobrAssociatedPress/nobr/fontobject width=448 height=356param name=movie value=http://www.youtube.com/v/erspfMkqLN4/paramparam name=wmode value=transparent/paramembed src=http://www.youtube.com/v/erspfMkqLN4type=application/x-shockwave-flashwmode=transparentwidth=448height=356/embed/objectbr/fontfont size=-1a href=http://news.google.com/news/url?sa=Tct=us/7-2fd=Rurl=http://blogs.tnr.com/tnr/blogs/the_plank/archive/2008/10/06/mccain-i-m-not-raising-taxes-i-m-cutting-medicare.aspxcid=1252219486ei=-unvSM2bEIu-9gSGuqS4Bwusg=AFQjCNEh-mXu_LeX5JzgThzLYeL0C10HXwMcCain: I#39;m Not Raising bTaxes/b. I#39;m Cutting Medicare!/a font size=-1 color=#6f6f6fnobrThe Plank on TNR.com/nobr/font/fontbrfont size=-1a href=http://news.google.com/news/url?sa=Tct=us/7-3fd=Rurl=http://www.hattiesburgamerican.com/article/20081010/OPINION01/810100369cid=1252219486ei=-unvSM2bEIu-9gSGuqS4Bwusg=AFQjCNHgq8N7sAfrjqoSJW3Liixa_VkxtwWatch McCain speak for himself/a font size=-1 color=#6f6f6fnobrHattiesburg American/nobr/font/fontbrfont size=-1 class=pa href=http://news.google.com/news/url?sa=Tct=us/7-4fd=Rurl=http://www.washingtonpost.com/wp-dyn/content/article/2008/10/08/AR2008100801990.htmlcid=1252219486ei=-unvSM2bEIu-9gSGuqS4Bwusg=AFQjCNEn-hbDu8lrGntiFDHcCcbhnyYQvQnobrWashington Post/nobr/anbsp;- a href=http://news.google.com/news/url?sa=Tct=us/7-5fd=Rurl=http://www.kaisernetwork.org/daily_reports/rep_index.cfm%3FDR_ID%3D54846cid=1252219486ei=-unvSM2bEIu-9gSGuqS4Bwusg=AFQjCNHTpB_KteLYZt5ulaxPEOUO_Kc4ognobrKaiser network.org/nobr/a/fontbr/font class=p size=-1a class=p href=http://news.google.com/news?sourceid=navclientie=ISO-8859-1rls=GGLG,GGLG:2005-22,GGLG:enncl=1252219486hl=ennobrall 1,686 news articles/nobr/a/font/div/font/td/tr/table

Tyson Chandler on Paying Taxes - ESPN

Some NJ towns find way to increase property taxes - Newsday

table border=0 width= valign=top cellpadding=2 cellspacing=7trtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbrdiv style=padding-top:0.8em;img alt= height=1 width=1/divdiv class=lha href=http://news.google.com/news/url?sa=Tct=us/9-0fd=Rurl=http://www.newsday.com/news/local/wire/newjersey/ny-bc-nj--propertytaxes1010oct10,0,3343708.storycid=1256071147ei=-unvSM2bEIu-9gSGuqS4Bwusg=AFQjCNFwnDRc77HiyBovb0-R8FLKTnOPogSome NJ towns find way to increase property btaxes/b/abrfont size=-1font color=#6f6f6fNewsday,nbsp;NYnbsp;-/font nobr12 hours ago/nobr/fontbrfont size=-1TRENTON, NJ - Caps aimed at curbing property btaxes/b are not keeping the rates down for everyone in New Jersey. So far in 2008, 39 towns have asked the b.../b/fontbrfont size=-1a href=http://news.google.com/news/url?sa=Tct=us/9-1fd=Rurl=http://www.courierpostonline.com/article/20081010/NEWS01/810100356/1006/news01cid=1256071147ei=-unvSM2bEIu-9gSGuqS4Bwusg=AFQjCNHJNWQk85rp9yX5I4M-K_Zg533VHQW. Deptford OKs budget with boost in btax/b rate/a font size=-1 color=#6f6f6fnobrCherry Hill Courier Post/nobr/font/fontbrfont size=-1a href=http://news.google.com/news/url?sa=Tct=us/9-2fd=Rurl=http://www.courierpostonline.com/article/20081010/NEWS01/810100357/1006/news01cid=1256071147ei=-unvSM2bEIu-9gSGuqS4Bwusg=AFQjCNHVLi2jq4u_bX5ujSxdUXIMnQrUIgState grants 38 waivers to cap on property btax/b increases/a font size=-1 color=#6f6f6fnobrCherry Hill Courier Post/nobr/font/fontbrfont class=p size=-1a class=p href=http://news.google.com/news?sourceid=navclientie=ISO-8859-1rls=GGLG,GGLG:2005-22,GGLG:enncl=1256071147hl=ennobrall 16 news articles/nobr/a/font/div/font/td/tr/table

Taxes - Google News

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Adding Your First Additional Stream of IncomeMost new wealth builders currently have a full-time job. After realizing that means "Just ----Over Broke" they commit to quitting their job and starting their own business.

Render Unto Caesar
Once a year Canadian taxpayers are required, by law, to file an income tax return in the prescribed form: $150(1).For individuals: $150(1)(d) ITA, they must do so by April 30 of the following year, provided that they owe any taxes or if they are served with a requirement to file: $150(2) ITA.

IRS Lock-In Letters - What's An Employer To Do?
Employers often ask employees to designate the amount of tax withholdings for paychecks. Occasionally, employees will fail to withhold a sufficient amount in the eyes of the IRS.