Tag #Irs

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cnnespanol.cnn.com

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Apr 26, 07:14

IRS Audit Rates and Staffing Shortages Raise Taxpayer Concerns

Between 2013 and 2021, the IRS audited less than 1% of tax returns; however, audit rates varied significantly by income, with higher rates for high-income earners and those claiming the Earned Income Tax Credit. Recent staff cuts and increased AI use raise concerns about future audit effectiveness a...

IRS Audit Rates and Staffing Shortages Raise Taxpayer Concerns

Between 2013 and 2021, the IRS audited less than 1% of tax returns; however, audit rates varied significantly by income, with higher rates for high-income earners and those claiming the Earned Income Tax Credit. Recent staff cuts and increased AI use raise concerns about future audit effectiveness a...

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What is the current state of IRS audits, and what factors influence audit rates?

Between 2013 and 2021, less than 1% of tax returns were audited by the IRS, with individual and corporate audit rates at 0.44% and 0.74%, respectively. This low rate is partly due to years of understaffing and underfunding. Recent funding increases have been partially reversed by Congress, creating uncertainty.",

forbes.com

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Apr 24, 01:16

Unfiled Foreign Tax Returns Extend IRS Audit Period Indefinitely

The IRS can audit unfiled foreign information tax returns indefinitely, impacting taxpayers' financial liability; eight specific forms trigger this extended audit period.

Unfiled Foreign Tax Returns Extend IRS Audit Period Indefinitely

The IRS can audit unfiled foreign information tax returns indefinitely, impacting taxpayers' financial liability; eight specific forms trigger this extended audit period.

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What are the consequences of not filing foreign information tax returns?

The IRS typically has three years to audit income tax returns. However, this timeframe is extended indefinitely for unfiled foreign information tax returns, allowing the agency to make adjustments until the return is filed and for three years afterward. This applies even if the regular income tax return was filed on time, impacting taxpayers' financial liability.

edition.cnn.com

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Apr 19, 01:13

Shapley's Brief IRS Stint Ends Amidst Political Clash

President Donald Trump's appointment of Gary Shapley as acting IRS commissioner was short-lived, replaced by Michael Faulkender amidst political disputes and concerns about the Hunter Biden investigation; Shapley, who had supported the investigation and had support from Elon Musk and Republicans, wi...

Shapley's Brief IRS Stint Ends Amidst Political Clash

President Donald Trump's appointment of Gary Shapley as acting IRS commissioner was short-lived, replaced by Michael Faulkender amidst political disputes and concerns about the Hunter Biden investigation; Shapley, who had supported the investigation and had support from Elon Musk and Republicans, wi...

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What prompted Gary Shapley's removal as acting IRS commissioner, and what are the immediate consequences?

Gary Shapley's brief tenure as acting IRS commissioner ended after only a few days. Treasury Secretary Scott Bessent's office opposed his appointment, leading to his replacement by Michael Faulkender. Shapley, who played a key role in the Hunter Biden investigation and had support from Elon Musk and congressional Republicans, will retain a senior advisory role at Treasury.

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Apr 18, 01:15

IRS CIO Resignation Exacerbates Leadership Crisis Amidst Funding Cuts and Data Security Concerns

The IRS is facing a leadership crisis with the resignation of its CIO, Rajiv Uppal, following the departures of multiple high-ranking officials, including the commissioner and deputy commissioner, amidst funding cuts, data security concerns, and website errors.

IRS CIO Resignation Exacerbates Leadership Crisis Amidst Funding Cuts and Data Security Concerns

The IRS is facing a leadership crisis with the resignation of its CIO, Rajiv Uppal, following the departures of multiple high-ranking officials, including the commissioner and deputy commissioner, amidst funding cuts, data security concerns, and website errors.

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How did funding cuts and data security controversies contribute to the high-level departures at the IRS?

The IRS is experiencing significant leadership turnover and IT challenges, impacting its ability to modernize systems and serve taxpayers effectively. Funding cuts, controversies surrounding data access, and website errors have contributed to this instability, raising concerns about the agency's functionality and data security. These issues are further compounded by the elimination of the Direct File program.

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Apr 18, 04:09

IRS Reviews Harvard's Tax-Exempt Status Amidst Trump Administration Conflict

The IRS is reviewing Harvard University's tax-exempt status after President Trump suggested its revocation following Harvard's rejection of administration demands and subsequent $2.2 billion grant freeze. The legality and potential impact are debated.

IRS Reviews Harvard's Tax-Exempt Status Amidst Trump Administration Conflict

The IRS is reviewing Harvard University's tax-exempt status after President Trump suggested its revocation following Harvard's rejection of administration demands and subsequent $2.2 billion grant freeze. The legality and potential impact are debated.

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What are the immediate consequences of the IRS's review of Harvard's tax-exempt status?

The IRS is reviewing Harvard University's tax-exempt status following President Trump's suggestion. This consideration comes after Harvard rejected the administration's demands for policy changes, leading to a $2.2 billion grant freeze. A final decision is pending.

nbcnews.com

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Apr 18, 22:10

Acting IRS Commissioner Replaced Amidst Turmoil and Concerns Over Musk's Influence

Acting IRS Commissioner Gary Shapley was replaced by Deputy Treasury Secretary Michael Faulkender after Treasury Secretary Scott Bessent, with President Trump's approval, reversed Shapley's appointment due to concerns raised by Elon Musk, leading to concerns about the future of IRS reform.

Acting IRS Commissioner Replaced Amidst Turmoil and Concerns Over Musk's Influence

Acting IRS Commissioner Gary Shapley was replaced by Deputy Treasury Secretary Michael Faulkender after Treasury Secretary Scott Bessent, with President Trump's approval, reversed Shapley's appointment due to concerns raised by Elon Musk, leading to concerns about the future of IRS reform.

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How did recent events at the IRS, including data-sharing concerns and leadership changes, contribute to Shapley's removal?

This leadership change follows recent turbulence at the IRS, including previous acting commissioner changes and concerns about data-sharing agreements. Musk's cost-cutting efforts at the Department of Government Efficiency, coupled with public discord between Bessent and Musk, appear to have contributed to the situation.

welt.de

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Apr 24, 10:14

Musk-Bessent White House Dispute over IRS Appointment

Last week at the White House, Elon Musk and Scott Bessent engaged in a loud argument witnessed by President Trump, concerning Bessent's replacement of Trump's IRS appointee, Gary Shapley, with Michael Faulkender, prompting Trump to suggest Musk's departure from his advisory role.

Musk-Bessent White House Dispute over IRS Appointment

Last week at the White House, Elon Musk and Scott Bessent engaged in a loud argument witnessed by President Trump, concerning Bessent's replacement of Trump's IRS appointee, Gary Shapley, with Michael Faulkender, prompting Trump to suggest Musk's departure from his advisory role.

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What were the immediate consequences of the public dispute between Elon Musk and Scott Bessent at the White House regarding the IRS appointment?

Axios" reported a heated argument between Elon Musk and Scott Bessent at the White House last week, witnessed by President Trump. The dispute concerned an IRS appointment, with Bessent replacing Trump's appointee, Gary Shapley, with Michael Faulkender. The argument was reportedly so intense that a staff member intervened.

forbes.com

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Apr 21, 22:12

IRS Forecloses on LLC Interest, Superseding State Law

A New Jersey District Court ruled that the IRS can foreclose on a debtor's 50% interest in a dental practice LLC, despite a New Jersey law prohibiting it, setting a precedent for federal tax law superseding state LLC laws in such cases.

IRS Forecloses on LLC Interest, Superseding State Law

A New Jersey District Court ruled that the IRS can foreclose on a debtor's 50% interest in a dental practice LLC, despite a New Jersey law prohibiting it, setting a precedent for federal tax law superseding state LLC laws in such cases.

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What are the immediate implications of the *U.S. v. Driscoll* ruling on the ability of the IRS to collect unpaid taxes from LLC members?

In *U.S. v. Driscoll*, the IRS successfully foreclosed on a dentist's 50% LLC interest despite a New Jersey statute prohibiting it. The court ruled that federal law, specifically 26 U.S.C. § 7403, allowing the IRS to foreclose on a debtor's property, supersedes conflicting state laws. This sets a precedent for IRS actions against LLC interests.

us.cnn.com

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Apr 19, 01:13

Shapley's Short-Lived IRS Appointment Ends Amidst Political Conflict

President Donald Trump appointed Gary Shapley as acting IRS commissioner, supported by Elon Musk and some Republicans; however, Treasury Secretary Scott Bessent's office opposed the appointment and Shapley was replaced by Michael Faulkender, the deputy secretary, after just a few days, marking the f...

Shapley's Short-Lived IRS Appointment Ends Amidst Political Conflict

President Donald Trump appointed Gary Shapley as acting IRS commissioner, supported by Elon Musk and some Republicans; however, Treasury Secretary Scott Bessent's office opposed the appointment and Shapley was replaced by Michael Faulkender, the deputy secretary, after just a few days, marking the f...

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How did Shapley's role in the Hunter Biden investigation and his whistleblower testimony influence his appointment and subsequent removal?

Shapley's appointment, supported by Elon Musk and congressional Republicans, highlighted the political divisions surrounding the IRS. Bessent's opposition and Shapley's subsequent removal reflect a power struggle within the agency. The rapid turnover underscores the IRS's ongoing challenges in maintaining stability and non-partisan leadership.

abcnews.go.com

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Apr 18, 01:15

IRS Considers Revoking Harvard's Tax-Exempt Status

The IRS may revoke Harvard's tax-exempt status following the White House freezing \$2.2 billion in grants and \$60 million in contracts after Harvard refused to comply with demands from the Trump administration, prompting potential legal challenges and impacting higher education.

IRS Considers Revoking Harvard's Tax-Exempt Status

The IRS may revoke Harvard's tax-exempt status following the White House freezing \$2.2 billion in grants and \$60 million in contracts after Harvard refused to comply with demands from the Trump administration, prompting potential legal challenges and impacting higher education.

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What are the long-term implications of the government's actions on higher education in America?

The potential revocation of Harvard's tax-exempt status and the White House's actions could set a precedent for increased government scrutiny of universities, impacting their financial stability and academic freedom. Legal challenges are anticipated.

abcnews.go.com

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Apr 18, 04:09

Trump Challenges Harvard's Tax-Exempt Status

President Trump challenged Harvard University's tax-exempt status on social media, questioning whether its alleged promotion of "radical left" ideas serves the public interest, potentially impacting the tax-exempt status of many other colleges and universities.

Trump Challenges Harvard's Tax-Exempt Status

President Trump challenged Harvard University's tax-exempt status on social media, questioning whether its alleged promotion of "radical left" ideas serves the public interest, potentially impacting the tax-exempt status of many other colleges and universities.

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How does the legal precedent regarding academic freedom and nonprofit tax exemptions inform this situation?

The challenge to Harvard's tax exemption raises questions about the scope of academic freedom and the government's role in regulating higher education. While legal experts emphasize the broad freedoms afforded to universities regarding curriculum and faculty, Trump's actions highlight the potential for political interference in educational institutions. This conflict points to a broader debate regarding the balance between academic freedom and government oversight.

forbes.com

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Apr 18, 16:13

Executor Liability for Unpaid Estate Taxes in the U.S.

U.S. estate tax law holds executors personally liable for unpaid estate taxes even without knowledge of the debt; liability for income/gift taxes requires knowledge but also carries significant risk; various IRS forms can mitigate liability.

Executor Liability for Unpaid Estate Taxes in the U.S.

U.S. estate tax law holds executors personally liable for unpaid estate taxes even without knowledge of the debt; liability for income/gift taxes requires knowledge but also carries significant risk; various IRS forms can mitigate liability.

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What are the legal implications for executors who distribute estate assets before settling estate tax liabilities in the U.S.?

Executors of U.S. estates face personal liability for unpaid estate taxes, even without knowledge of the debt, if they distribute assets before tax settlement. This strict liability is established by the Internal Revenue Code and the Federal Claims Priority Act. The IRS can pursue executors for the unpaid amount, regardless of intent.

Showing 25 to 36 of 148 results