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WASHINGTON (AP) — 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 half a billion dollars in back taxes from rich tax cheats has been recouped, IRS leaders say.
Earlier this year, the IRS launched a pilot version of its own tax filing service that allowed Americans to file their returns for free directly with the IRS.
"Wait, what do you mean we can't scam half the US population out of $80-$120 every year just to submit a simple 1040-EZ?"Twelve states have already signaled opposition to doing so, echoing complaints by TurboTax parent Intuit that Direct File is a waste of taxpayer resources.
IRS announces Direct File as permanent free tax-filing option starting next year
The program was rolled out on a limited basis this year.
All of center-left media/forums/etc are crowing about how one of the reasons so many urban minorities have abandoned the Democratic party is because of Dems' poor track record on governance in their cities.29 House Republicans want Trump to scrap the IRS's free direct tax-filing tool on day one of his presidency
Many Americans rely on tax-prep companies such as TurboTax and H&R Block to do their taxes each year. The new program is designed to compete with those programs and make filing easier and less costly for Americans.
Republican Reps. Adrian Smith of Nebraska and Chuck Edwards of North Carolina sent a letter to the president-elect on Tuesday urging him to end the program via executive order, saying it posed a "threat to taxpayers' freedom from government overreach."
They also cast the free Direct File program as an example of the "weaponization of government against Americans," a long-standing focus of Trump and the MAGA-aligned right.
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Popular free government service or weapon threatening American citizens... you make the call.
Closing asset loophole can raise $100 billion in taxes, Treasury now says
The new estimate doubles what the agency previously said it could recover by preventing certain large businesses from manipulating the taxable value of assets.
The IRS’s pledge to go after the practice known as “basis shifting” has made waves among accountants for the largest and most complex business partnerships. Some of them say that the true amount of taxes avoided far dwarfs even the $100 billion figure, though the IRS is unlikely to ever find anywhere close to all of the money.
Basis shifting allows complex partnership businesses to shift the value of certain assets, such as land or machinery, by moving assets from one business to another one that are linked entities. The moves can allow the partnership to depreciate the same asset over and over again in some cases, greatly reducing tax bills.
Lawyers and accountants for the partnerships say it is legal, and that Congress could pass a ban if lawmakers want to stop the practice. Biden administration officials view basis shifting for the sole purpose of reducing tax bills as illegal, citing a rule known as the “economic substance doctrine” that says the transactions must have a purpose other than just avoiding taxes.
The 2022 Inflation Reduction Act, which included tens of billions of dollars for the IRS, gave the tax agency resources to improve customer service and enforcement — including more auditors focused on partnerships.
[The GOP has been looking to cut those funds, but the new estimate (if accurate) would mean the IRS spending would more than pay for itself in increased revenue.]
These are not the droids you're looking for.Sorry, everyone. It appears the billionaires like this loophole.
Trump's IRS ditches effort to close major loophole
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