Americans Failed to Pay a Record $688 Billion in Taxes. The IRS Says That Will Change.

The amount of tax money owed but not paid to the IRS is set to keep growing, according to projections published by the federal tax collection agency on Thursday. For tax years 2021 and 2020, the latest to receive such IRS estimates, the projected gross “tax gap” soared to $688 billion and $601 billion, respectively.