Tax fraud is costing the federal government billions of dollars annually. In a recent report, the Government Accountability Office (GAO) estimates annual federal tax fraud losses at $116 billion to $304 billion, based on data from 2018 through 2024. The estimated range reflects approximately 2% to 6% of estimated tax owed to the federal government if applied to 2022, the most recent year for which an estimate of the tax liability is available. The GAO’s estimate is based on data from IRS cases of fraud and potential fraud, potential fraud in the tax gap, and tax evasion from economic activities purposefully hidden from the government. Read the report: https://bit.ly/4yqTiHs
