Top 1% Fail To Report A Fifth Of Their Income, Report Says
Law360 (March 22, 2021, 3:07 PM EDT) -- The IRS underestimated the income that the top 1% of earners fail to report to the agency in its random audit program, finding they fail to report more than 20% of their income, according to a paper released Monday.
A paper prepared by researchers at the National Bureau of Economic Research along with IRS researchers found much of high-earners' unreported income can be attributed to "sophisticated evasion" that goes undetected by random audits. (AP Photo/Keith Srakocic) The paper was prepared by researchers at the National Bureau of Economic Research in conjunction with researchers at the Internal Revenue Service. They examined the agency's National Research...
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