Bogus employee retention claims are mucking up IRS operations
The IRS and its internal watchdog, the National Taxpayer Advocate, are sounding the alarm about bogus Employee Retention Credit (ERC) claims that sabotage tax collection efforts. The ERC was one of many tax credits facilitated by the IRS to help keep businesses and the economy afloat during the pandemic. But despite a strong recovery and […]
IRS lags on identity theft
Business and Economics Full text Supreme Court takes wealth tax fight to Congress The Supreme Court last week left the issue of wealth taxes up to Congress in its decision in Moore v. United States, a case that involved trillions of dollars in government revenue and far-reaching areas of federal law and precedent. Full […]
IRS issues rare apology to billionaire Ken Griffin over tax records leak – New York Post
The Internal Revenue Service has issued an unprecedented apology for leaking billionaire investor Ken Griffin’s tax returns to the press. The apology comes after the Citadel CEO settled a lawsuit he filed against the IRS in 2022 on Monday. The suit alleges that an IRS employee illegally leaked his tax returns to the news site […]
Watchdog: IRS delays in resolving identity theft cases 'unconscionable'
An independent watchdog group says the Internal Revenue Service’s (IRS) delays in resolving identity theft cases are “unjustified.” Mid-year report A report submitted to Congress by the National Taxpayer Advocate, an independent watchdog within the IRS, found that the 2024 tax season “generally proceeded smoothly” but there were delays in settling identity theft cases and […]
IRS apologizes to billionaire Ken Griffin for leaking his tax records – CBS News
The IRS has issued an unusual apology for releasing billionaire investor Ken Griffin’s tax records to the media and to other taxpayers whose information was leaked, the tax agency said. statement on tuesday. “The Internal Revenue Service sincerely apologizes to Kenneth Griffin and the thousands of other Americans whose personal information was leaked to the […]
IRS says 'vast majority' of 1 million pandemic-era credit claims show a risk of being improper – KSL.com
NEW YORK — The Internal Revenue Service said Thursday that it had reviewed 1 million claims for the employee retention credit totaling $86 billion and found that a “vast majority” were at risk of being improper. The credit was designed to help businesses retain employees during pandemic-era shutdowns, but it quickly became a hotbed of […]
Nvidia’s run, IRS loophole targeted and McDonald’s value meal
Barron’s Roundtable host Jack Otter and guests discuss what investors should be watching in the market. U.S. consumers, including Olive Garden customers, are showing signs of nervousness. Stock prices are trading at record highs but were little changed over the weekend. Nvidia, Microsoft, and Apple are the new trillion-dollar trio. The Winklevoss Twins back former […]
IRS asks Congress to scrap employee retention credit amid 'gold rush' of bogus claims
The IRS is plagued by false Employee Retention Tax Credit (ERC) claims and is asking Congress for help. IRS Commissioner Danny Wuerfel also said Thursday that the IRS has completed an internal review of the ERC claims process and will use that information to “reject billions of dollars in clearly unjustified claims.” “This program has […]
IRS to close ‘major’ tax loophole
The IRS and Treasury Department on Monday announced plans to eliminate major tax loopholes exploited by wealthy taxpayers, a move that is expected to raise as much as $50 billion over the next decade. The plan targets so-called “partnership basis shifting,” transactions that allow companies or individuals to increase deductions and minimize liabilities by operating […]
Biden IRS announces crackdown on complex partnerships, says it will raise $50 billion
The Treasury Department and IRS have announced a new crackdown on tax planning through complex partnerships, a move the Biden administration contends will raise $50 billion in tax revenue. The initiative announced Monday will close a “major tax loophole” used by complex partnerships, the Treasury Department said. If the “loophole” is closed, it would raise […]