IRS: Taxes underpaid by 17%
Senate Finance Committee Chairman Max Baucus (D-Mont.), reacting to the IRS report, said every effort must be made to recover the lost funds. (Oct. 26, 2011) Credit: AP
WASHINGTON — People and businesses underpaid their taxes by an estimated 17 percent in the most recent year studied, failing to send the government a massive $450 billion that it was owed, according to an Internal Revenue Service report released Friday.
The IRS’s roughly $12 billion budget was reduced by about $300 million this year.
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LI's highest-paid CEOs ... LI bars adapt to less drinking ... Flag football on rise ... Out East: Jamesport Farm Brewery
