Irs Estimates $345 Billion Tax Differential; Those Who Report Business Income Are the Most Likely Not to Report All of Income

Summary

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The Internal Revenue Service said Tuesday that taxpayers shortchanged the government by $345 billion in 2001, with the biggest problem among people failing to report income from business ventures.

Sole proprietors, independent contractors, self-employed workers and others who report business income on their individual tax returns accounted for $109 billion in missing taxes. They failed to report 43 percent of the business income.

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Extract

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Irs Estimates $345 Billion Tax Differential; Those Who Report Business Income Are the Most Likely Not to Report All of Income

Within that category, taxpayers with farm income did not pay $6 billion in taxes, failing to report 72 percent of that income. Non- farm proprie...

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