IRS touts ‘major milestone’ of collecting $1B from wealthy taxpayers
The IRS said Thursday that it has collected more than $1 billion in taxes from wealthy taxpayers this year, calling it a “major milestone” and an attempt by Republican lawmakers to sway public opinion about the agency as they fight budget cuts. The department first announced plans in September to step up scrutiny of people […]
IRS reports collecting $1 billion from rich households’ back taxes – The Washington Post
The IRS announced Wednesday that it has collected $1 billion in taxes and penalties from hundreds of wealthy households who have accumulated years of delinquent tax debt amid a weakening of IRS enforcement. “The tax claims were not even in dispute. Clearly these people owed back taxes,” IRS Commissioner Danny Wuerfel said on a conference […]
Treasury, IRS announce 'major milestone' of $1 billion in past-due taxes collected from millionaires – CNBC
Internal Revenue Service Commissioner Danny Wuerfel testifies to the House Appropriations Committee on Capitol Hill in Washington, May 7, 2024. Kevin Dietsch | Getty Images News | Getty Images “The IRS has collected $1 billion from billionaires, successfully launching a strategic new program and demonstrating that we can achieve the greatest return on investment,” Treasury […]
IRS issues nationwide warning – AL.com
Every day another scam happens. Now, the Internal Revenue Service is warning taxpayers not to fall victim to a new scam involving the purchase of clean energy tax credits. The IRS said in a statement that “unscrupulous tax preparers” are misrepresenting the rules for the clean energy credit, telling people they are receiving a credit […]
Fleeing Massachusetts taxpayers cost state $3.9B in 2022 income, IRS data show – Boston Herald
Taxpayers are fleeing Massachusetts at a high rate, costing the state an estimated $3.9 billion in 2022, making it fifth in the nation for “adjusted gross income” losses due to domestic migration, IRS data shows. According to Internal Revenue Service data released last week, Massachusetts ranks behind California ($23.8 billion), New York ($14.2 billion), Illinois […]
IRS has taken nearly 2 years to help tax identity theft victims get their refunds – CNBC
Erin Collins, National Taxpayer Advocate with the Taxpayer Advocate Service, speaks during a Senate Appropriations Subcommittee hearing in Washington, DC on May 19, 2021. Bloomberg | Bloomberg | Getty Images The IRS is facing a growing number of tax identity theft cases, but the agency is working on “a variety of improvements” to speed up […]
Americans Expect Beefed up IRS to Target Political Opponents, Audit Lower and Middle Class Americans
More Americans believe the latest legislation to hire 87,000 Internal Revenue Service agents is part of a plan to audit middle and lower class Americans and small businesses than to target corporations and wealthy Americans, according to a new poll. Convention of States Action, along with the Trafalgar group, released the poll that found that […]
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 […]