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A report by the Treasury Inspector General for Tax Administration states that the IRS unearth as much as $1.3 billion in unpaid taxes, penalties and interest by making better use of currency report data to identify taxpayers with potentially unreported income.
We are often asked to assist nonfilers in dealing with unpaid taxes, interest and penalties in the Hartford, CT area. TIGTA identified a number of individuals who have enough cash to engage in currency transactions totaling at least $20,000, but did not file tax returns even though they appeared to have a filing requirement, as well as individuals engaged in similar currency transactions who filed tax returns, but reported income that did not appear sufficient to cover their basic living expenses.
TIGTA estimated that 42,804 potential nonfilers may collectively owe as much as $576 million in delinquent taxes, interest and penalties for 2007 alone, and another 78,770 potential under-reporters who may owe as much as $758 million in additional taxes, penalties and interest for 2007.
This will no doubt lead to increased IRS attention and enforcement activity, including potential criminal referrals.
If you are a nonfiler or under-reporter, contact us and deal with your tax problem voluntarily before the IRS finds you and forces the issue.
If you have any questions regarding your IRS issue in Hartford, CT or any other area of Connecticut do not hesitate to contact me at (860)657-9040 or by email at egreen@convicerpercy.com.
Eric L. Green, LL.M.
Convicer, Percy & Green, LLP
41 Hebron Avenue
Glastonbury, CT 06033
Ph. (860)657-9040
Fax (860)657-9039
www.convicerpercy.com
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