For tax years 2021 and 2020, the latest to receive such IRS estimates, the projected gross "tax gap" soared to $688 billion and $601 billion, respectively. That is a significant jump from the past.

The projected gross “tax gap,” the difference between the total taxes owed to the IRS and how much is collected on time, jumped to $688 billion for tax year 2021, the agency projects.

Some prior-year projections have already been revised higher. The gross tax gap for 2017-2019, for example, was initially expected to be $540 billion, but climbed $10 billion in later estimates.

While most meme millionaires won’t face such an extreme scenario, there are tax considerations to remember during meme season and after the party stops. It's important info to bare in mind, as ...

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The Internal Revenue Service said Thursday that the tax gap — the difference between taxes owed and paid — was $696 billion as of 2022, the latest year analyzed. The agency projects that the ...

How to plan for both short- and long-term gains 03:17. Americans failed to pay $688 billion in taxes on their 2021 returns, a record level, according to a new estimate from the IRS.

In a 2021 report, the Joint Committee on Taxation estimated that the tax gap was about $441 billion annually from 2011 to 2013, with about 70 percent attributable from individual income.

The amount of tax money owed but not paid to the IRS is set to keep growing. For tax years 2021 and 2020, the projected gross "tax gap" soared to $688 billion and $601 billion, respectively.

Some prior-year projections have already been revised higher. The gross tax gap for 2017-2019, for example, was initially expected to be $540 billion, but climbed $10 billion in later estimates.