Congress to IRS “find more $”

The new Congress is looking to the IRS to collect more unpaid taxes and catch taxpayers who have underreported income to finance an ambitious spending agenda without raising taxes.  Congress believes IRS could collect up to $100 billion by collecting from self-employed taxpayers who are underreporting their income.  The target of the collection efforts will be focused on those individuals whose income isn’t reported through W-2’s or 1099’s.   The proposal would allow the IRS to obtain information about a business’s revenues from credit card companies.  If the income from credit cards were unusual or higher than reported, the IRS would then perform an audit.  The bottom line is the government needs the money and the IRS is going to be charged with finding the dollars no matter where it is.