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The IRS wants to end another major tax loophole for the wealthy and raise $50 billion in the process
The Columbian· 5 hours agoThe 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.
IRS Covid Tax Credit Backlog Grows to 1.4 Million Claims
Bloomberg Law· 6 hours agoThe inventory of the IRS’s pandemic-era tax credit claims has grown to 1.4 million, with most claims filed before the processing pause, Deputy Commissioner Doug O’Donnell ...
IRS PLR: Extension Granted to Foreign Entity to Elect Disregarded Entity Treatment (IRC §7701)
Bloomberg Law· 5 hours agoThe IRS has published a private letter ruling on Treasury Regulation Sections 301.7701 and 301.9100, granting a foreign entity an extension of time to elect to be treated as a ...
IRS PLR: Extension Granted to File Form 8996 for Election to Self-Certify as QOF (IRC §1400Z)
Bloomberg Law· 4 hours agoThe IRS has published a private letter ruling on Section 1400Z, and Treasury Regulation Section 301.9100, regarding extensions of time to self-certify as a Qualified Opportunity Fund (QOF). [PLR 202424019] ...
The IRS wants to end another major tax loophole for the wealthy and raise $50 billion in the process
WFMJ Youngstown· 7 hours agoThe IRS says filings for large pass-through businesses used for the type of tax avoidance in the...
Millions of taxpayers face Monday deadline to pay IRS
Scripps News via AOL· 4 hours agoInternal Revenue Service issued a reminder that taxpayers who don't have their taxes held by their...
IRS PLR: Extension of Time Granted to Make Qualified Terminable Interest Property Election (IRC...
Bloomberg Law· 4 hours agoThe IRS has published a private letter ruling on Sections 2056 and 2652, and Treasury Regulations Section 301.9100, regarding extensions of time to make a qualified terminable interest property (QTIP) ...
The IRS is cracking down on the billionaire tactic of shifting assets to avoid taxes: It's 'really...
Fortune· 4 hours ago“These tax shelters allow wealthy taxpayers to avoid paying what they owe,” IRS commissioner Danny Werfel said. Due to previous years of underfunding, the IRS< ...
Treasury and IRS Crack Down on Tax Loophole. Over $50 Billion in Revenue Expected.
KLAX-TV· 4 hours agoThe U.S. Department of the Treasury and the IRS have announced a plan to close a significant tax loophole used by large partnerships. This initiative addresses "related party basis shifting,"
Nevada Man Owes Tax Penalties for Pension Fund Scheme Windfall
Bloomberg Law· 50 minutes agoThe IRS can level $4.5 million in fines and penalties against a Nevada man who acted fraudulently to hide a scheme to pull from overfunded pension plans and didn’t report the $22.6 million in income in 2008, Tax Court said Monday.
