With $80 billion in new funding, the previously gutted agency pledged to renew its pursuit of wealthy tax dodgers and address a number of problems that ProPublica has been reporting on in recent years.
What’s the only thing better than having your own Gulfstream jet? Why, getting to claim millions in tax deductions for it. All you have to do is make a case you’re using it for business, which turns out to be surprisingly easy.
Never-before-seen IRS records show that CEOs are sometimes making multimillion-dollar bets on the stocks of direct competitors and partners and doing so with exquisite timing.
Congress outlawed tax deductions on “wash sales” in 1921, but Goldman Sachs and others have helped billionaires like Steve Ballmer see huge tax savings by selling stocks for a loss and then replacing them with nearly identical investments.
TurboTax maker Intuit has long blocked efforts to create free online tax filing for all, but this sweeping domestic policy bill provides $15 million to investigate how the IRS could implement such a program.