The gap between taxes owed and paid to the government is wider than originally estimated, according to a new report released Thursday by the Internal Revenue Service. 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. That’s about $138 billion higher than revised projections for the three-year period ending in 2019. Late payments and IRS enforcement efforts are expected to bring in an additional $63 billion, which would narrow the projected net tax gap to $625 billion for 2021. Previously measured every three years, this is the first time the tax ga
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