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 […]
IRS unveils plan to close tax loophole for pass-through businesses – CNBC
IRS Commissioner Danny Wuerfel testifies before the House Appropriations Committee in Washington, DC on May 7, 2024. Kevin Dietsch | Getty Images The U.S. Treasury Department and the IRS on Monday announced a plan to “close significant tax loopholes” exploited by large, complex partnerships that could raise an estimated $50 billion or more in tax […]
WILFORD: Nobody Asked For The New IRS Direct File Program
The IRS has made a habit of late of doing whatever it wants, with little regard for legal or constitutional constraints. From its lackadaisical attitude toward its failure to properly safeguard thousands of tax returns to repeated Supreme Court rebukes to half-baked plans to snoop on taxpayers’ bank accounts, the agency is developing a reputation […]
IRS hit Americans with $7B in tax penalties last year
The report said the Internal Revenue Service assessed $7 billion in penalties last year, nearly four times the $1.8 billion it assessed in 2022 after the Biden administration boosted the agency’s staffing. The bulk of the penalties will be assessed to people who underpaid quarterly estimated income taxes, including business owners, gig workers, investors and […]