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Tax Compliance

All articles tagged with #tax compliance

politics1 year ago

"Congressional Probe Launched into IRS Use of AI for Mass Surveillance"

House Judiciary Chair Jim Jordan and Rep. Harriet Hageman are launching an investigation into allegations that the IRS is using AI technology to surveil American taxpayers en masse, citing a report by James O’Keefe's O’Keefe Media Group. They have sent letters to Treasury Secretary Janet Yellen and Attorney General Merrick Garland, expressing concerns about the potential violation of Americans' civil liberties through warrantless financial surveillance. The IRS has denied plans to increase audit rates for people making under $400,000 per year, but the lawmakers are seeking answers regarding the alleged use of AI for monitoring private financial transactions without legal process.

via Fox News|
#ai-surveillance#harriet-hageman#irs
taxation1 year ago

IRS Cracks Down on Wealthy Non-Filers: Thousands of Millionaires Targeted

The IRS plans to send notices to thousands of high-income earners who have not filed tax returns for several years, with about 25,000 cases involving people earning over $1 million. This move comes after years of IRS budget cuts and a lack of enforcement. The agency aims to collect hundreds of millions of dollars in unpaid taxes and will focus on high-income earners for tax-compliance efforts, while also planning to send letters to non-filers at all income levels, emphasizing potential refunds for those earning less than $400,000.

via The Washington Post|
#biden-administration#high-income-earners#irs
taxation2 years ago

IRS Delays Reporting Rules for Side Hustles, Ticket Resales, and Payment Apps

The IRS has announced a delay in implementing new requirements for third-party payment platforms to issue 1099-K forms for tax year 2023. The new rules, which were intended to encourage compliance for gig workers and others, would have required platforms like Ticketmaster and StubHub to issue 1099-K forms to individuals and the IRS. Additionally, the IRS has revealed a new $5,000 threshold for 2024 to phase in the law, allowing for more time to address administrative challenges and educate taxpayers. The $600 threshold for reporting goods and services sold will be delayed until future years.

via USA TODAY|
#1099-k#gig-workers#irs
cryptocurrency-regulation2 years ago

US lawmakers target crypto firms for tax evasion and regulation.

Two members of the US Congress have written a letter to the Treasury and the Internal Revenue Service, calling for the implementation of tax regulations for the crypto industry. The lawmakers raised concerns about the compliance practices in crypto, stating that the industry has been a major source of tax evasion and a significant part of the nation's tax gap. They called for the prompt release of proposed regulations to close the tax gap and bring the crypto industry into full tax compliance. The Biden administration had earlier proposed a 30% Digital Asset Mining Energy tax on cryptocurrency miners, but it did not make it into the May legislation that addressed raising the US debt ceiling.

via Cointelegraph|
#crypto-industry#cryptocurrency-regulation#irs
politics2 years ago

IRS announces spending plan for $80B funding boost, targeting tax collection overhaul and increased audit rates for the wealthy.

The IRS has unveiled its spending plan for the $80 billion funding boost, which includes hiring thousands of new workers to audit wealthy Americans and big corporations, modernizing technology, improving customer service, and cracking down on the tax gap. The agency plans to hire nearly 30,000 new employees by the end of fiscal year 2025, including 8,782 hires in enforcement and 13,883 in taxpayer services. The funding boost was included in the Democrats' Inflation Reduction Act, aimed at improving tax compliance among big corporations and wealthy Americans and shrinking the estimated $600 billion tax gap. The IRS plan repeatedly states that it will comply with Treasury Secretary Janet Yellen's order to not increase audit rates for Americans who earn less than $400,000 a year.

via Fox Business|
#hiring-plan#irs#politics