The IRS plans to end a major tax loophole for wealthy taxpayers that could raise more than $50 billion in revenue over the next decade, the proposed rule and guidance announced Monday includes plans to essentially stop “partnership basis shifting” — a process by which a business or person can move assets among a series of related parties to avoid paying taxes.
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The IRS is charging eight percent interest when it comes to estimated tax underpayments, two years ago it was three percent, and “the increase is one of the many effects of rising interest rates,”.
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Users of Venmo, Cash App and other payment apps will get a tax reprieve this year. The IRS announced Tuesday it will delay implementing new reporting requirements that were to take effect for the upcoming tax filing season.
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The GOP-led House is trying to set a fiscally responsible example starting with its plan to offset $14.3 billion in aid for Israel by slashing the same amount of funds meant for the Internal Revenue Service (IRS), according to Speaker Mike Johnson (R-LA).
Read More: Daily Wire
The Internal Revenue Service (IRS) estimates that the gross tax gap amounts to at least $688 billion, resulting from Americans’ non-filing, underpaying, and underreporting of their taxes.
IRS Commissioner Danny Werfel said, “With the help of Inflation Reduction Act funding, we are adding focus and resources to areas of compliance concern, including high-income and high-wealth individuals, partnerships and corporations”.
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An IRS whistleblower told CBS News that while helping to oversee the five-year probe of Hunter Biden he repeatedly was stopped from taking steps that would have been considered routine in other cases.
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The IRS removed the entire team of investigators in the Hunter Biden tax evasion probe, according to the Washington Examiner.
The Examiner attributed the information to a letter written by two attorneys for an IRS special agent they represent.
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An Internal Revenue Service (IRS) job posting shows the tax collection agency is hiring armed agents to work in states across the country.
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Matt Taibbi, an independent journalist who reported on collusion between government agencies and former executives of Twitter, was visited by an IRS official on the same day he testified before Congress about the weaponization of the federal government.
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The Republican-led United States House of Representatives voted to repeal the billions Democrats desired to spend on an army of IRS agents, as House Speaker Rep. Kevin McCarthy (R-CA) identified the action as the “very first act of the new Congress.”
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The House Ways and Means Committee on Friday released a partially redacted version of former President Donald Trump’s tax returns, completing a longtime objective of Democrats to make Trump’s finances public after the former president unsuccessfully tried to stop them in court.
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The Internal Revenue Service (IRS) delayed a rule that would require Americans to report transactions above $600 made through third-party payment settlement organizations.
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The Internal Revenue Service this week announced higher inflation adjustments for the 2023 tax year as it takes into account the relentless increase in the cost of basic goods like food, rent and gasoline.
Read More: Fox Business
The Internal Revenue Service (IRS), which has a well-documented history of targeting conservatives, granted tax-exempt status in April to a Soros-backed organization now accused of trying to pay an attorney to spread “fake news” about former President Donald Trump and “Trump Republicans.”
Read More: Breitbart