Rs Payments News Today

Millions of Americans were waiting on tax refunds for months in 2021. The IRS is aiming to get them their checks before the end of the year.

Without a tax return, Rachel Cannistraro, hasn't received the monthly checks for parents that started in July. She's not alone — the IRS is in crisis.

Between mountains of paper and tens of millions of backlogged phone calls, the IRS already has its hands full. Now, it has to handle more.

Fifth crash in six months

In a Senate Finance Committee hearing, IRS Commissioner Charles Rettig addressed the tax gap. Thats the gap between how much is owed in taxes and whats actually collected. Rettig said the gap could possibly exceed $1 trillion a year, far higher than the official estimate. While the IRS current official estimate of the tax gap — taxes owed but not collected — is $441 billion, the actual number could be a lot higher. "I think it would no...