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Archive for Taxpayers Reporting Large Business Losses

Government Watchdog: IRS Should Target Individual Taxpayers Reporting Large Business Losses

Government Watchdog: IRS Should Target Individual Taxpayers Reporting Large Business Losses

The estimated annual “Tax Gap” exceeds $440 billion.  That is to say, the amount that U.S. taxpayers pay in taxes every year falls short of the amount actually owed by some $440-plus billion.  The Treasury Inspector General for Tax Administration—or, for those who prefer a more wieldy acronym, TIGTA—a government tax watchdog, has been engaged in an effort to determine how the IRS can make a meaningful dent in that ever-troubling Tax Gap.  The answer, in part, is more audits.  But more specifically, the right kinds of audits.  According to TIGTA, that means placing a particular focus on taxpayers who report “Schedule C” activity reflecting significant losses.

Schedule C Reporting

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