The IRS has launched a new initiative to target high-income taxpayers who have failed to file federal tax returns.
The initiative, funded by the Inflation Reduction Act, involves sending compliance letters to over 125,000 taxpayers who have not filed tax returns since 2017.
The mailings include more than 25,000 to those with more than $1 million in income, and over 100,000 to people with incomes between $400,000 and $1 million between tax years 2017 and 2021.
The IRS said the initiative aims to ensure fairness and improve tax compliance among high-income taxpayers. Read more.