By DAVID WAGNER | CNBC| March 26, 2018 12:03:20In 2018, more than $5.3 trillion in taxable income was lost by taxpayers because of late or lost payments to state and local governments, according to a study by the Tax Policy Center.
That figure, however, does not account for any money that was collected by individuals or corporations.
The Tax Policy Centre, which researches taxes and regulations, found that taxpayers are being left behind by a lack of financial planning.
The study also found that a large number of taxpayers are left out of the tax recovery efforts due to a lack in understanding about the tax code and the need for a tax plan, as well as a lack, in many cases, of resources to hire an accountant.
The report, “The Tax Code and Tax Prep” released Tuesday, analyzed tax payments from all states and the District of Columbia in 2018.
It found that 1.9 million tax payments were made by individuals and companies in 2018, with a total of $539.5 billion in total taxes owed.
Of those, 1.4 million payments were due by June 2019, with an estimated tax liability of $1.6 trillion.
Of those, $721 billion was owed by taxpayers.
Of the 1.7 million people owed taxes in 2018 by a variety of reasons, $1 billion was due by July 2018.
That figure represents less than 0.1 percent of all the tax refunds paid by taxpayers in 2018 so far.
But there are many people who missed their tax payments in 2018 because they didn’t pay on time.
That could be due to various reasons.
The report found that more than half of the missing payments were for non-business tax years.
In some cases, the tax return was filed on a credit card, and a failure to pay could be blamed on poor timing.
For example, in 2018 taxpayers were not required to pay a tax bill if the amount due was less than $1,000, but due to the timing of the payment, the refund was paid on the date the bill was due.
The average refund was $7,800, according the report.
The majority of tax payments, 47 percent, were owed by households.
For individuals, the number was 35 percent.
And for corporations, there was a significant number, 36 percent.
The amount owed by individuals was $6,839.7 billion, followed by corporations $5,726.3 billion.
For the average taxpayer, the average refund paid in 2018 was $2,859.5, followed closely by corporations, at $2.2 million.
The biggest payers of late taxes were those that owed $15,836, or nearly two-thirds of all tax refunds owed.
Those include companies like Wells Fargo, Wells Fargo Bank, and Wells Fargo Capital One.
For a variety, including small businesses, the report found companies that owed more than two-fifths of their total refunds owed were the largest payers, accounting for $9,838.5 million.
For small businesses and small households, it was a mixed bag of payers.
The largest number of late tax refunds were owed to individuals, with $8,851.5.
This group of payees was followed by companies, with almost $7 million owed.
The biggest payees of late payouts were corporations with more than five million dollars in outstanding tax payments.
The most expensive of late refunds was the $5 million owed by the estate of Donald Trump, the President of the United States.
He was a beneficiary of the President’s 1995 tax plan.
The highest cost of late payments in the United Kingdom, and in many countries, was for a company that owed the United Arab Emirates $3.3 million.
It is the biggest late payment in the U.K. The most expensive late payment was for United Technologies, with the largest amount, $2 million, in 2019.
For some of the most expensive tax refunds, like the $6.3-million owed by Ford Motor Co., the largest was for the $4.3-$4.5-million worth of unpaid tax for Ford Motor Group, which made up more than 80 percent of the company’s income for the year.
For corporations, the most costly late payment by a company was by General Electric with $5-billion owed.
General Electric’s $4-billion tax bill came in second with $3-billion.
The next highest was by Exxon Mobil with $2-billion, followed again by Boeing with $1-billion and Caterpillar with $9-million.