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TREASURY INSPECTOR GENERAL FOR TAX ADMINISTRATIONBillions in Potential Taxes Went Unaddressed From Unfilled Returns and Underreported Income by Taxpayers That Received Form 1099K Income December 30,

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Billions in potential taxes refers to the estimated amount of tax revenue that could be collected based on projected income or profit levels across a large number of taxpayers or businesses.

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Taxpayers must report their total income, applicable deductions, credits, and any relevant financial transactions to determine their tax liability on billions in potential taxes.

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