IRS Chief Seeks To Reassure Taxpayers About Increased Enforcement
1 year, 8 months ago

IRS Chief Seeks To Reassure Taxpayers About Increased Enforcement

Huff Post  

LOADING ERROR LOADING New funding will help the Internal Revenue Service crack down on rich tax cheats while greatly improving service to middle-class households, IRS Commissioner Danny Werfel said Thursday. Werfel said it was too soon to say whether the IRS would eventually hire the 87,000 employees that have become a fixture of Republican talking points about the supposed “weaponization” of government against everyday Americans. Instead, new money would help the IRS “move toward a world-class customer service operation,” Werfel told reporters, stressing that small business owners, workers with regular wage income and retirees have nothing to fear from increased tax enforcement targeting higher earners. “People who get W-2s or Social Security payments or have a small business should not be worried about some new wave of IRS audits — we’re taking that off the table,” Werfel said.

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History of this topic

IRS recovers $4.7 billion in taxes from scofflaws. But it’s bracing for funding cuts under Trump
1 week, 4 days ago

IRS recovers $4.7 billion in taxes from scofflaws. But it’s bracing for funding cuts under Trump

LA Times  

Republicans have long called for rescinding tens of billions of dollars in funding provided to the IRS under the Inflation Reduction Act. IRS leadership on Thursday announced that the agency has recovered $4.7 billion in back taxes and proceeds from a variety of crimes since the nation’s tax collector received a massive influx of funding through Democrats’ flagship tax, climate …

IRS recovers $4.7 billion in back taxes and braces for cuts with Trump and GOP in power
Trending News
1 week, 4 days ago

IRS recovers $4.7 billion in back taxes and braces for cuts with Trump and GOP in power

Associated Press  

WASHINGTON — IRS leadership on Thursday announced that the agency has recovered $4.7 billion in back taxes and proceeds from a variety of crimes since the nation’s tax collector received a massive glut of funding through Democrats’ flagship tax, climate and health law in 2022. On a call with reporters to preview the announcement, IRS Commissioner Danny Werfel said improvements …

Biden Administration Wants To Protect IRS Funding As Budget Deadline Nears
3 weeks, 6 days ago

Biden Administration Wants To Protect IRS Funding As Budget Deadline Nears

Huff Post  

LOADING ERROR LOADING President Joe Biden’s administration wants Congress to maintain additional funding for the IRS to help it track down tax scofflaws and provide faster customer service, warning that letting the funding expire would add to the budget deficit. House Republicans in particular have been critical of the Inflation Reduction Act, calling its clean energy tax subsidies wasteful and …

The IRS is at risk of losing $20 billion in funding without legislative intervention
3 weeks, 6 days ago

The IRS is at risk of losing $20 billion in funding without legislative intervention

Associated Press  

WEST PALM BEACH, Fla. — Already bracing for funding cuts under a new Trump administration, U.S. Treasury officials are calling on Congress to unlock $20 billion in IRS enforcement money that is tied up in legislative language that has effectively rendered the money frozen. ”If they don’t get that $20 billion that is at risk they would run out of …

IRS collects milestone $1 billion in back taxes from high-wealth taxpayers
5 months, 1 week ago

IRS collects milestone $1 billion in back taxes from high-wealth taxpayers

Associated Press  

WASHINGTON — The IRS announced Thursday that it has collected $1 billion in back taxes from high-wealth tax cheats — a milestone meant to showcase how the agency is making use of the money it received as part of the Biden administration’s signature climate, health care, and tax package signed into law in 2022. Part of the push for public …

IRS collects milestone $1 billion in back taxes from wealthy
5 months, 1 week ago

IRS collects milestone $1 billion in back taxes from wealthy

LA Times  

The IRS says it is focused on pursuing taxpayers with more than $1 million in income and more than $250,000 in recognized tax debt. The IRS announced Thursday that it has collected $1 billion in back taxes from high-wealth tax cheats — a milestone meant to showcase how the agency is making use of money it received as part of …

The IRS wants to end another major tax loophole for the wealthy and raise $50 billion in the process
6 months ago

The IRS wants to end another major tax loophole for the wealthy and raise $50 billion in the process

Associated Press  

WASHINGTON — The IRS plans to end a major tax loophole for wealthy taxpayers that could raise more than $50 billion in revenue over the next decade, the U.S. Treasury Department says. Biden administration officials said after evaluating the practice that there are no economic grounds for these transactions, with Deputy Treasury Secretary Wally Adeyemo calling it “really just a …

Column: Something for Biden to brag about — his IRS funding more than pays for itself
9 months, 2 weeks ago

Column: Something for Biden to brag about — his IRS funding more than pays for itself

LA Times  

It goes without saying that President Biden will take the podium for Thursday’s State of the Union address armed with facts and figures of all that he’s accomplished for the American people during his term. That’s the outcome of a provision of the Inflation Reduction Act of 2022, which endowed the IRS with $80 billion in new funding over 10 …

IRS Launches Crackdown On 125,000 Wealthy ‘Non-Filers’
9 months, 3 weeks ago

IRS Launches Crackdown On 125,000 Wealthy ‘Non-Filers’

Huff Post  

LOADING ERROR LOADING WASHINGTON — The IRS plans to go after 125,000 high-income earners who did not file tax returns going back to 2017 — and the agency says hundreds of millions of dollars of unpaid taxes are involved in these cases. The campaign announced Thursday is part of the agency’s ongoing effort to pursue high wealth tax cheats — …

IRS expects to collect hundreds of billions more in overdue and unpaid taxes thanks to new funding
10 months, 2 weeks ago

IRS expects to collect hundreds of billions more in overdue and unpaid taxes thanks to new funding

Associated Press  

WASHINGTON — The IRS is poised to take in hundreds of billions of dollars more in overdue and unpaid taxes than previously anticipated, according to new analysis released Tuesday by the Treasury Department and the IRS. The Congressional Budget Office in 2022 estimated that the tens of billions of new IRS funding provided by the IRA would increase revenues by …

IRS says it collected $360 million more from rich tax cheats as its funding is threatened yet again
11 months, 1 week ago

IRS says it collected $360 million more from rich tax cheats as its funding is threatened yet again

Associated Press  

WASHINGTON — The IRS says it has collected an additional $360 million in overdue taxes from delinquent millionaires as the agency’s leadership tries to promote the latest work it has done to modernize the agency with Inflation Reduction Act funding that Republicans are threatening to chip away. Along with the $122 million collected from delinquent millionaires last October, now nearly …

IRS says it collected $38 million from more than 175 high-income tax delinquents
1 year, 5 months ago

IRS says it collected $38 million from more than 175 high-income tax delinquents

Associated Press  

WASHINGTON — The IRS is showcasing its new capability to aggressively audit high-income tax dodgers as it makes the case for sustained funding and tries to avert budget cuts sought by Republicans who want to gut the agency. IRS leaders said they collected $38 million in delinquent taxes from more than 175 high-income taxpayers in the past few months. Last …

IRS pledges more audits of wealthy, better customer service
1 year, 8 months ago

IRS pledges more audits of wealthy, better customer service

Associated Press  

WASHINGTON — The IRS released details Thursday on how it plans to use an infusion of $80 billion for improved operations, pledging to invest in new technology, hire more customer service representatives and expand its ability to audit high-wealth taxpayers. While some Republicans have suggested without evidence that the money from the Democrats’ landmark climate change and health care bill …

House GOP's First Bill Would Slash IRS Budget ― And Cost The Government Money
1 year, 11 months ago

House GOP's First Bill Would Slash IRS Budget ― And Cost The Government Money

Huff Post  

LOADING ERROR LOADING WASHINGTON ― Republicans on Monday approved their first piece of legislation since taking charge of the House of Representatives: a bill rescinding $71 billion in extra funding for the Internal Revenue Service. “Adds to the deficit.” The deficit haters at the Committee for a Responsible Federal Budget said the bill would “encourage tax cheating” by making it …

Trump tax audits required by IRS were delayed, panel says
2 years ago

Trump tax audits required by IRS were delayed, panel says

Associated Press  

WASHINGTON — The IRS failed to pursue mandatory audits of Donald Trump on a timely basis during his presidency, a congressional panel found on Tuesday, raising questions about statements by the former president and leading members of his administration who claimed he could not release his tax filings because of the ongoing reviews. A report released by the Democratic majority …

Posts, campaign ads distort IRS funding
54 years, 11 months ago

Posts, campaign ads distort IRS funding

Associated Press  

CLAIM: Democratic senators in summer 2022 voted to hire an army of 87,000 IRS agents who will audit and harass the middle class. “Yes, every Democrat voted to hire 87K new IRS agents to audit the middle class,” tweeted Stephen Miller, who served as a top aide to former President Donald Trump. “Politician Cheri Beasley supported spending billions to hire …

Treasury Secretary Yellen gives IRS six months to kickstart its $80billion overhaul
2 years, 4 months ago

Treasury Secretary Yellen gives IRS six months to kickstart its $80billion overhaul

Daily Mail  

Treasury Secretary Janet Yellen is directing the Internal Revenue Service to begin formulating a plan on how to use the $80 billion funds granted by Democrat's Inflation Reduction Act a day after President Biden signed it into law Treasury Secretary Janet Yellen on Wednesday instructed the Internal Revenue Service to begin hatching a plan for the use of $80 billion …

The IRS just got $80 billion to beef up. A big goal? Going after rich tax dodgers
2 years, 4 months ago

The IRS just got $80 billion to beef up. A big goal? Going after rich tax dodgers

NPR  

The IRS just got $80 billion to beef up. Going after rich tax dodgers Enlarge this image toggle caption Stefani Reynolds/AFP via Getty Images Stefani Reynolds/AFP via Getty Images The IRS is about to get a big infusion of cash. "By beefing up the IRS's capacity to go after wealthy tax cheats, you're going to be able to collect at …

Biden team pushes to allay concerns about tax enforcement funds
2 years, 4 months ago

Biden team pushes to allay concerns about tax enforcement funds

Al Jazeera  

US Treasury secretary directs IRS chief against using new resources to audit more households making less than $400,000. After a Republican outcry over a bill providing more funding to the Internal Revenue Service, Treasury Secretary Janet Yellen has directed the United States tax agency’s chief against using the new resources to increase audits for households making below $400,000 annually. Democrats’ …

Biden team pushes to allay concerns about tax enforcement funds
2 years, 4 months ago

Biden team pushes to allay concerns about tax enforcement funds

Al Jazeera  

US Treasury secretary directs IRS chief against using new resources to audit more households making less than $400,000. After a Republican outcry over a bill providing more funding to the Internal Revenue Service, Treasury Secretary Janet Yellen has directed the United States tax agency’s chief against using the new resources to increase audits for households making below $400,000 annually. Democrats’ …

AP FACT CHECK: GOP skews budget bill’s impact on IRS, taxes
2 years, 4 months ago

AP FACT CHECK: GOP skews budget bill’s impact on IRS, taxes

Associated Press  

Republican politicians and candidates are distorting how a major economic bill passed over the weekend by the Senate would reform the IRS and affect taxes for the middle class. SEN. TED CRUZ, R-TEXAS: “The Manchin-Schumer bill will create 87,000 new IRS agents to target regular, everyday Americans.” — Friday tweet. More than half of IRS employees who work in enforcement …

Tougher IRS enforcement central to Dem economic package
2 years, 4 months ago

Tougher IRS enforcement central to Dem economic package

Associated Press  

WASHINGTON — After more than a decade of mostly losing out, the Internal Revenue Service may finally get the cash infusion it’s long wanted in the economic package that Democrats are working furiously to push through Congress before their August break. Sen. Tom Carper, D-Del., a longtime member of the Senate Finance Committee, said he hears the same thing from …

Happy Tax Day! Even The Treasury Department Thinks The IRS Is Terrible.
2 years, 8 months ago

Happy Tax Day! Even The Treasury Department Thinks The IRS Is Terrible.

Huff Post  

The Treasury Department wants you to be aware that it knows the Internal Revenue Service is not so wonderful. To mark the Monday deadline for filing federal income tax returns, Treasury put out a lengthy statement lamenting the sorry state of the IRS, which the department oversees. “Today’s deadline is an inflection point in what has been the agency’s most …

IRS plans to hire 10,000 workers to relieve massive backlog
2 years, 9 months ago

IRS plans to hire 10,000 workers to relieve massive backlog

Associated Press  

WASHINGTON — The IRS said Thursday it plans to hire 10,000 new workers to help reduce a massive backlog that the government says will make this tax season the most challenging in history. A senior administration official, speaking on condition of anonymity Thursday to preview the new IRS plan, said processing returns will continue to be a massive challenge so …

Column: Don’t blame the IRS for its lousy service. Blame Congress
2 years, 10 months ago

Column: Don’t blame the IRS for its lousy service. Blame Congress

LA Times  

The IRS has been systematically impoverished by conservatives in Congress — no wonder its service stinks, columnist Michael Hiltzik writes. — Emmanuel Saez and Gabriel Zucman, UC Berkeley Blogger Kevin Drum rightfully condemns their grousing as manifestations of “brass,” for reasons we’ll cover in a moment. That’s the point made by Dominic Pino of National Review: “The IRS is clearly …

Nearly 100 banks, trade groups warn against modified Biden IRS plan
3 years, 1 month ago

Nearly 100 banks, trade groups warn against modified Biden IRS plan

Daily Mail  

A group of 99 banks and industry groups wrote a letter to President Biden on Monday urging him to drop his proposal to hand over transaction data to the IRS, noting that they were not satisfied with simply raising the threshold from $600 to $10,000. The banking groups lauded the administration's 'good-faith attempt' to make sure all Americans pay the …

Column: 23,000 households reported income over $10 million last year. The IRS audited seven
4 years, 1 month ago

Column: 23,000 households reported income over $10 million last year. The IRS audited seven

LA Times  

Since we’ll be spending the next day or so pondering America as it is and as we wish it to be, let’s take a moment to contemplate how tax avoidance and evasion have become facts of life for some of the richest Americans. At the most fundamental level, as the U.S. population grew to 329 million last year from 251 …

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