IRS about 3 to 5 times more likely to audit Black Americans' tax returns, study finds
Synopsis by CNBC Feb 02 23
Black Americans are about three to five times more likely to be audited by ...Read full article 
CNBC: IRS about 3 to 5 times more likely to audit Black Americans' tax returns, study finds
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| Last Updated | Feb 02 23 |
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revenue service of the United States federal government
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How investment firms shield the ultrawealthy from the IRS - ICIJ: An ICIJ investigation examining hundreds of leaked tax forms offers a glimpse into the huge ...
icij.org/inside-icij/2024/04/how-investment-firms-shield-the-ultra-wealthy-from-the-irs/
Quick Glance: How Investment Firms Shield the Ultrawealthy from Tax Authorities
- In 2015, the U.S. Department of Treasury hired economist Owen Zidar to help government officials examine the growing use of complex company structures and trusts by the ultrawealthy. These new investment schemes, often referred to as 'large partnerships,' are pervasive in private equity funds and similar investment firms.
- Following years of budget cuts, it was evident to Owen Zidar, now a professor of economics at Princeton University, that the IRS was not effectively enforcing tax laws for the ultrarich.
- With a significant infusion of funding, the IRS is now making efforts to penetrate these opaque bastions of wealth. An investigation by ICIJ sheds light on the challenges faced by the tax authority in untangling the secretive structures of the ultrawealthy.
- Partnerships play a crucial role in U.S. tax law and have become a focal point for large fortunes, contributing to a poorly understood aspect of growing economic inequality. Despite additional funding for the IRS, addressing large partnerships remains a formidable task.
How investment firms shield the ultrawealthy from the IRS - ICIJ: An ICIJ investigation examining hundreds of leaked tax forms offers a glimpse into the huge ...
icij.org/inside-icij/2024/04/how-investment-firms-shield-the-ultra-wealthy-from-the-irs/
Quick Glance: How Investment Firms Shield the Ultrawealthy from the IRS
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Quick Glance: Yellen warns of further sanctions in response to Iran's increasing activities
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New IRS Direct File Program Lets You File Taxes for Free: Find Out if You Qualify
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- The IRS warned today that taxpayers could face a harsh hit to their wallets if they do not use the IRS Tax Withholding Estimator.
- The IRS recommends reviewing the withholding estimator annually, especially after significant life events.
- Not withholding the right amount from your income could become a growing issue as the IRS has increased many tax brackets and deductions by over 5 percent.
US, China Have Stabilized Relations Over Past Year, Yellen Says: US and China have put their bilateral relationship on a “more stable footing” over the past year ...
bloomberg.com/news/articles/2024-04-07/us-china-have-stabilized-relations-over-past-year-yellen-says
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