Uncollected Billions

As the IRS continues to be under increasing pressure and scrutiny during this latest political season, one ex-agent says that he knows where a lot of uncollected tax money is – real estate partnerships.

According to a recent article in the NY Times, Jerry Curnutt says that the Service fails to collect billions of dollars annually from real estate partners that deliberately underreport their income. Even though this would be a relatively easy problem to fix Curnutt, who retired in 2000, says that the IRS is letting billions go and the problem seems to be worsening.