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Banking, Business, Economy

“IRS commissioner indicates AI will play growing role in future tax collection”

“You can’t spell Internal Revenue Service without AI, and its commissioner, Danny Werfel, offered a vision this week for how the tax collecting agency intends to use artificial intelligence in the not-too-distant future. Werfel, in remarks made April 17 at UiPath… Continue Reading…

Economy

“Tax evasion by millionaires and billionaires tops $150 billion a year, says IRS chief”

“The nation’s millionaires and billionaires are evading more than $150 billion a year in taxes, adding to growing government deficits and creating a “lack of fairness” in the tax system, according to the head of the Internal Revenue Service…” https://www.cnbc.com/2024/02/22/tax-evasion-by-wealthiest-americans-tops-150-billion-a-year-irs.html… Continue Reading…

Economy

“The average tax refund is almost 29% lower this tax season, according to early IRS data”

“With tax season in full swing, the IRS has issued more than 2.6 million refunds worth about $3.65 billion, as of Feb. 2, the agency reported last week. So far, the average refund is $1,395, compared with $1,963 one year ago, which is… Continue Reading…

Economy

[Attack The Poor] “Black taxpayers more likely to face audits, IRS confirms

“The IRS on Monday said that Black taxpayers are significantly more likely to face an IRS audit, confirming recent findings. IRS Commissioner Daniel Werfel said the agency is weighing changes to address the disparity. A study released in January by economists at Stanford University,… Continue Reading…

Banking

“President Biden slams ‘reckless bill’ from Republicans to reverse funding for the IRS and its 87,000 new hires — here’s how it could affect you”

“President Joe Biden had included increased funding for the IRS in the Inflation Reduction Act to help the agency catch sneaky tax evaders — especially those high-earners who love to find loopholes. Advocates believe the increased funding could raise as… Continue Reading…

Economy

“Tax ‘refunds may be smaller in 2023,’ warns IRS. Here’s why”

“If you’re expecting a tax refund in 2023, it may be smaller than this year’s payment, according to the IRS.  Typically, you get a federal refund when you’ve overpaid yearly taxes or withheld more than the amount you owe. Your annual… Continue Reading…

Business, Economy, Personal Finance

“The IRS reminds Americans earning over $600 on PayPal, Venmo, or Cash App transactions to report their earnings”

“If you use third-party payment platforms, like PayPal, Venmo or Cash App, to collect payments for your side gig or business, the Internal Revenue Service (IRS) wants to remind you to report payments of at least $600. This rule is aimed at individuals who… Continue Reading…

Economy

“Taxpayers face overloaded IRS as filing season opens Monday”

“An IRS worker shortage, an enormous workload from administering pandemic-related programs and stalled legislation that would have given the agency billions of dollars for more expeditiously processing returns will combine to cause taxpayers pain this filing season… Agency officials are… Continue Reading…

Economy

“New $3,000 child tax credit to start payments in July, IRS says”

“The IRS plans to begin sending monthly payments from the new $3,000 child tax credit in July, Commissioner Charles Rettig said Tuesday during a hearing with the Senate Finance Committee. The new and significantly expanded child tax credit was included in the $1.9 trillion… Continue Reading…

Economy

“The IRS changed the tax filing rule for Social Security recipients — why that’s a good thing”

“The rebate checks are part of the $2 trillion stimulus package President Donald Trump signed into law last week, intended to provide financial relief to Americans in the wake of the coronavirus pandemic. People can receive a rebate check up… Continue Reading…