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The IRS is facing a record tax shortfall of $688 billion for 2021, with a significant portion attributed to underpayments from businesses, particularly self-employed and small businesses. To tackle this, the IRS plans to step up enforcement measures, including the use of AI technology and IRA funds. Concurrently, a system glitch in TurboTax resulted in inverse figures being displayed, causing discrepancies in refunds and owed amounts.
IRS Says Tax Gap For 2021 Expected To Be $688 Billion https://t.co/ADdKzAnkZV https://t.co/GTtVPGHQoE
IRS "tax gap" widens to $688 billion in 2021: report https://t.co/9uua2RqDnp https://t.co/PG1RkOKyeJ
Americans didnโt pay an estimated $688 billion in taxes due on their 2021 returnsโthe largest shortfall ever. Audits and other enforcement will be stepped up to reduce the gap, the IRS said. https://t.co/9dOAig0OsZ
Wow, taxes were underpaid by $๐๐๐ ๐๐ข๐ฅ๐ฅ๐ข๐จ๐ง in 2021. Looks like >half was business income - mostly self-employed and small business. https://t.co/vCxUfzWBpW https://t.co/sr7OIYgcr3
Americans ๐บ๐ธ didnโt pay an estimated $688 billion in taxes due on their 2021 returns, the largest shortfall ever The IRS said Audits and other enforcement will be stepped up to reduce the gap - WSJ
Fixing a Hole: IRS to Use AI and IRA Funds to Bolster Tax Enforcement https://t.co/4Bg9NSb6zN
Fixing a Hole: IRS to Use AI and IRA Funds to Bolster Tax Enforcement https://t.co/LelbTVFJ6V | by @arentfoxschiff
Log-in and TurboTax had a glitch showing inverse figures, refunds were owed and owed were refunds. LOL https://t.co/z4VFlJIapg