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Tax Enforcement

All articles tagged with #tax enforcement

finance1 year ago

"IRS Boosts Taxpayer Assistance and Pursues Wealthy Tax Evaders: Updates on $80B Funding and New Filing Tools"

The IRS received $80 billion to improve its services and enforcement efforts, leading to the hiring of 5,000 new customer service representatives and the implementation of a free electronic tax filing system. Commissioner Danny Werfel highlighted the agency's focus on pursuing wealthy individuals and corporations who owe back taxes, citing early success in collecting nearly $200 million from a high-risk list of 1,600 millionaires and billionaires. The IRS aims to provide taxpayers with various filing options and modernize its processes to ensure everyone pays their fair share of taxes.

via NPR|
#budget-allocation#finance#irs
politics2 years ago

"Controversial GOP Proposal: Funding Israel Aid by Cutting IRS Budget Raises Concerns"

The House Republicans' plan to fund emergency aid to Israel by cutting the Internal Revenue Service's budget would increase the deficit by $90 billion over 10 years, according to the IRS commissioner. The proposed cuts would reduce audits of the wealthy and large corporations, hampering the agency's ability to collect revenue. The nonpartisan Congressional Budget Office previously estimated that the IRS expansion would cut the deficit by over $100 billion. The GOP bill does not specify how it would cut $14 billion from the IRS expansion, and it would also prohibit the CBO from counting the legislation against existing domestic spending caps. The IRS commissioner's estimate complicates the GOP's attempts to portray President Biden as fiscally irresponsible. Some Republicans have criticized the plan, while others see it as a strategy to attack federal spending and unify Republican support for the bill.

via The Washington Post|
#deficit#gop#irs-cuts
finance2 years ago

IRS Rakes in $282 Million from Millionaires in Back Taxes Crackdown

The Internal Revenue Service (IRS) has collected $160 million in back taxes this year by targeting millionaires who have not paid what they owe. The crackdown on high-income individuals has been aided by increased federal funding provided by Democrats. So far, the IRS has closed 100 cases, collecting $122 million. The agency's efforts aim to narrow the "tax gap" and it plans to focus on large corporations that have not paid their taxes. The IRS will target US subsidiaries of foreign companies and plans to use technology to better detect tax cheating. The Inflation Reduction Act has allowed the IRS to overhaul its operations, improve taxpayer services, and digitize tax returns. The new funding is not expected to increase audits for average Americans.

via CNN|
#back-taxes#finance#irs
taxation2 years ago

IRS Targets Millionaires and Large Corporations with New Business Tax Accounts

The IRS is intensifying its efforts to target high-income individuals, partnerships, and large corporations in order to close the tax gap, which is estimated to be $688 billion. The agency has identified thousands of taxpayers who owe hundreds of millions of dollars in taxes and has collected $122 million in 100 of these cases. The IRS is also focusing on compliance efforts for U.S. subsidiaries of foreign companies, particularly in relation to transfer pricing. Additionally, the agency is cracking down on section 199 abuse and working on improving taxpayer service through expanded in-person assistance and enhanced online functionality.

via Forbes|
#high-income-taxpayers#irs#large-corporations
politics2 years ago

The GOP's Funding Cuts: A Double-Edged Sword.

Republicans' proposal to cut IRS funding as part of a debt limit deal would actually worsen the deficit, as forecasters generally agree that beefing up tax enforcement is a money maker for the Treasury. The nonpartisan Congressional Budget Office estimates that rescinding $71 billion in IRS funding pushed through by Democrats last year would cut projected tax receipts by $191 billion over the next decade, resulting in the government finding itself an additional $120 billion in the hole. Democrats disagree, saying they will train the IRS’s scrutiny on the rich while emphasizing the dividends the effort will pay to the public fisc.

via POLITICO|
#budget-cuts#democrat#irs