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Tax Collection

All articles tagged with #tax collection

finance2 years ago

"IRS Recovers $520 Million in Back Taxes from Delinquent Millionaires"

The IRS has collected over $520 million in back taxes from delinquent millionaires and large corporations, attributing its success to the Inflation Reduction Act, which allocated $80 billion over 10 years to enhance enforcement capabilities. The agency has focused on high-income taxpayers, including those with more than $1 million in income and more than $250,000 in tax debt, as well as large corporate partnerships with compliance risks. This initiative, supported by the Biden administration, aims to ensure that the wealthiest individuals and organizations pay what is legally owed under federal law.

via NBC News|
#biden-administration#enforcement-capabilities#finance
finance2 years ago

"IRS Cracks Down on Rich Tax Cheats Amid Funding Threats, Collects $360 Million More"

The IRS has collected an additional $360 million in overdue taxes from delinquent millionaires, bringing the total recouped from rich tax cheats to nearly half a billion dollars, as the agency faces threats of funding cuts. The funding cuts, part of the overall spending package for the current fiscal year, could impact the agency's efforts in the later years, according to IRS Commissioner Daniel Werfel. The agency has used a portion of the Inflation Reduction Act funding to modernize and enhance its tax collection efforts, with the 2024 tax season set to begin on Jan. 29.

via The Associated Press|
#delinquent-millionaires#finance#funding
government2 years ago

IRS Ends Surprise Visits, Promises Transparency for Taxpayers

The Internal Revenue Service (IRS) has announced that it will scale back the practice of sending agents on surprise visits to homes and businesses to collect unpaid taxes. This change comes as part of the IRS's efforts to modernize its operations, improve customer service, and address concerns of political bias and aggressive tactics. Unannounced visits will now be limited to unique circumstances, with most interactions being scheduled through mailed letters. The decision aims to increase confidence in tax administration and improve safety for taxpayers and IRS employees. The move comes amid increased scrutiny of the agency and concerns about employee safety due to threats and misinformation on social media.

via The New York Times|
#government#irs#modernization
politics2 years ago

"IRS Reveals $80 Billion Overhaul Plan Including Increased Audit Rates for Wealthy"

The Internal Revenue Service (I.R.S.) has unveiled an $80 billion plan to overhaul tax collection, with a focus on taxpayer services and enforcement efforts on the rich. The plan is a centerpiece of President Biden’s economic agenda, which aims to narrow the nation’s $7 trillion of uncollected tax revenue and use the funds to combat climate change, curb prescription drug prices, and pay for other initiatives prized by Democrats. The I.R.S. intends to become a “digital first” organization that provides “world-class” service to taxpayers, and more than half the money will be dedicated to cracking down on big companies and wealthy individuals that evade taxes.

via The New York Times|
#biden-administration#enforcement#irs