According to IRS Commissioner Rettig at a presentation to a Senate panel in April, tax evasion may cost the U.S. $1 trillion a year. In the past when this number was calculated, it came in at around $440 billion per year because of tax evasion techniques that the IRS was not yet focused on. New estimates of the tax gap include cryptocurrency, offshore tax evasion, illegal income that goes undetected by the IRS, and underreporting from passthrough businesses. (www.chicagotribune.com/business/ct-biz-tax-cheating-irs-trillion-20210414-kbl3og5orndm3nmbdmkquokvrq-story.html)
CPAs, get four hours of fraud CPE with our 2021 Fundamentals of Fraud Prevention & Detection Live Webinar. Click here for more information.