Tag Archives for " complex partnerships "
IRS Crackdown Targets $1.4 Billion in Unpaid Gambling Taxes
The IRS is preparing a tax-enforcement push to address $1.4 billion in unpaid gambling taxes.A recent audit by the Treasury Inspector General for Tax Administration (TIGTA) revealed that nearly 150,000
Read MoreIRS Targets Sports Teams, Boosts Wealthy Tax Filers Enforcement, Cites Tax Losses
Buying and running sports teams come with certain tax breaks (from tax losses).The Internal Revenue Service (IRS) will intensify its scrutiny of the sports industry’s reporting of sports teams' tax losses,
Read MoreIRS Collects $482M in Back Taxes From Millionaires in 2023
Some millionaires were also sent to prisonThe Internal Revenue Service says it collected almost half a billion dollars from wealthy tax cheats last year, in a continuing effort to step up their enforcement
Read MoreIRS Targets ‘Complex Pass-Through Entities’ Used by High-Income Earners
The IRS announced the establishment of a new division targeting “pass-through” entities, which the agency claims will hold America’s wealthiest tax filers “accountable.”Pass-through entities
Read MoreIRS Targeting Wealthy Citizens in New Compliance Initiatives
In a series of new IRS compliance initiatives, the tax agency has its sights set on high-income, high-wealth entities and individuals. The IRS is, among other issues, going after individuals having over
Read MoreIRS Cracking Down on Illegal Sports Betting
The Internal Revenue Service's Criminal Investigation division is targeting illegal activity tied to sports betting as the pro football season gets underway.Between 2021 and 2023, IRS criminal investigators
Read MoreIRS Will Go After ‘Complex Partnerships’ to Close Tax Loophole
The Internal Revenue Service is planning to address what it calls “large, complex partnerships” in an attempt to go after business entities that avoid paying taxes by abusing a known tax loophole.This
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