Approximately $7.6 billion of potentially collectible taxes is lost annually due to withholding noncompliance, according to a report from the Treasury Department's inspector general.

The report credits the Internal Revenue Service's withholding compliance program with improving compliance by taxpayers and employers, but said that more effort is needed to ensure that employers comply with the withholding requirements and to penalize taxpayers who make false statements on their W-4 withholding forms and tax returns.

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