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Internal Revenue Service

The Internal Revenue Service (IRS) is the revenue service of the United States federal government, which is responsible for collecting taxes and administering the Internal Revenue Code, the main body of the federal statutory tax law.

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The Internal Revenue Service (IRS) is the revenue service of the United States federal government, which is responsible for collecting taxes and administering the Internal Revenue Code, the main body of the federal statutory tax law. It is part of the Department of the Treasury and led by the Commissioner of Internal Revenue, who is appointed to a five-year term by the President of the United States. The duties of the IRS include providing tax assistance to taxpayers; pursuing and resolving instances of erroneous or fraudulent tax filings; and overseeing various benefits programs.

The IRS originates from the Commissioner of Internal Revenue, a federal office created in 1862 to assess the nation’s first income tax to fund the American Civil War. The temporary measure provided over a fifth of the Union’s war expenses before being allowed to expire a decade later. In 1913, the Sixteenth Amendment to the U.S. Constitution was ratified authorizing Congress to impose a tax on income, and the Bureau of Internal Revenue was established. In 1953, the agency was renamed the Internal Revenue Service, and in subsequent decades underwent numerous reforms and reorganizations, most significantly in the 1990s.

Nov 04, 2021, Thu ...
How These Ultrawealthy Politicians Avoided Paying Taxes — ProPublica
IRS records reveal how Gov. Jim Justice, Gov. Jared Polis, former Education Secretary Betsy DeVos and other wealthy political figures slashed their taxes using strategies unavailable to most of their constituents.
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propublica.org
Oct 04, 2021, Mon ...
U.S. tax havens lure wealthy foreigners and tainted money - Washington Post
Pandora Papers documents show how global wealth flooded U.S. tax havens: More than a dozen power players, including Ecuador’s president Guillermo Lasso, chose U.S. financial institutions.
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washingtonpost.com
Oct 03, 2021, Sun ...
Pandora Papers reveal secret offshore financial system for global elites - Washington Post
The Pandora Papers documents — more than 11.9 million records from 14 offshore entities, including law and wealth-management firms — illuminate a hidden world that has allowed government leaders, a monarch, billionaires and criminals to...
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washingtonpost.com
Sep 28, 2021, Tue ...
More Than Half of America’s 100 Richest People Exploit Special Trusts to Avoid Estate Taxes — ProPublica
Secret IRS records show billionaires use trusts that let them pass fortunes to their heirs without paying estate tax. Will Congress end a tax shelter that has cost the Treasury untold billions?
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Sep 21, 2021, Tue ...
House Bill Would Blow Up the Massive IRAs of the Superwealthy — ProPublica
The proposed reform stems from a ProPublica story that detailed how PayPal founder Peter Thiel had amassed $5 billion, tax-free, in a Roth IRA. If the bill passes, Roth accounts would be capped at $20 million for high-income individuals.
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Sep 08, 2021, Wed ...
Top 1 Percent Evade $163 Billion a Year in Taxes, Treasury Finds - The New York Times
A new report makes the case that narrowing the tax gap is part of the Biden administration’s ambition to create a more equitable economy.
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Aug 27, 2021, Fri ...
Green Tax Break Syndicated Easements Face IRS Scrutiny - Bloomberg
A strategy long used by farmers and conservationists lures investors seeking shelters.
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Aug 19, 2021, Thu ...
How the Trump Tax Law Created a Loophole That Lets Top Executives Net Millions by Slashing Their Own Salaries — ProPublica
The 2017 tax cuts made it more attractive for certain company owners to be paid in profits instead of wages. Some cut their own wages, expanding a loophole that was already costing the U.S. billions.
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Aug 18, 2021, Wed ...
IRS deposit today: What to know about unemployment refunds
The Internal Revenue Service has not officially announced the next batch of unemployment-related tax refunds, but some taxpayers are receiving checks.
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Aug 13, 2021, Fri ...
The IRS has a big opportunity to fix the way Americans file taxes - Vox
You shouldn’t need TurboTax to file your taxes. The IRS can and should make its own service.
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Aug 11, 2021, Wed ...
Secret IRS Files Reveal How Much the Ultrawealthy Gained by Shaping Trump’s “Big, Beautiful Tax Cut” — ProPublica
Billionaire business owners deployed lobbyists to make sure Trump’s 2017 tax bill was tailored to their benefit. Confidential IRS records show the windfall that followed.
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Jul 16, 2021, Fri ...
IRS audits declined as businesses racked up tax breaks - The Washington Post
The federal government now examines just half of all large company tax returns, despite businesses claiming increasing tax benefits over this period that they say could be overturned by authorities.
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Jul 15, 2021, Thu ...
IRS child tax credit payments go out July 15. Here’s how to make them better. - Vox
The child tax credit expansion launched on July 15. It’s a big step, but it needs to be permanent.
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Jul 12, 2021, Mon ...
IRS’s Tax Audits Slid After End of Program to Focus on Wealthy - Bloomberg
The Internal Revenue Service has completed fewer audits of wealthy taxpayers since ending a program to focus on top earners, leading to as much as $1.9 billion in tax dollars going uncollected, according to a watchdog report released Monday...
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Jul 09, 2021, Fri ...
A Little-Known ‘Back Door’ Trick for Boosting Your Roth Contributions - WSJ
An additional after-tax contribution to your 401(k)—now allowed in the plans of many large employers— can grow tax free if it’s moved to a Roth account.
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Jul 08, 2021, Thu ...
As Bezos called for tax hikes, Amazon lobbied to keep its tax bill low
As Amazon publicly embraced President Joe Biden’s plan to raise the corporate tax rate across the board, it has also lobbied Congress to preserve a prized tax break that’s helped it lower its corporate tax bill.
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One Weird Trick to Force Billionaires to Pay Taxes - The American Prospect
The ‘economic substance doctrine’ could be employed by the IRS to crack down on tax avoidance.
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The Billionaire Playbook: How Sports Owners Use Their Teams to Avoid Millions in Taxes — ProPublica
Owners like Steve Ballmer can take the kinds of deductions on team assets — everything from media deals to player contracts — that industrialists take on factory equipment. That helps them pay lower tax rates than players and even stadi...
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Eight Takeaways From ProPublica’s Investigation of How Sports Owners Use Their Teams to Avoid Taxes — ProPublica
How do billionaire team owners end up paying lower tax rates not only than their millionaire players, but even the person serving beer in the stadium? Let’s go to the highlights.
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Jul 01, 2021, Thu ...
Why You Can’t Turn Your Roth IRA Into a Billion-Dollar Tax Shelter — ProPublica
Unless you have access to nonpublic stock of a future tech giant, it’s pretty hard to turn a humble retirement account into a tax-free piggy bank.
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Jun 27, 2021, Sun ...
The Ultrawealthy Have Hijacked Roth IRAs. The Senate Finance Chair Is Eyeing a Crackdown. — ProPublica
Sen. Ron Wyden, chair of the Senate Finance Committee, said he planned to rein in tax breaks for gargantuan Roth retirement accounts after ProPublica exposed how the superrich used them to shield their fortunes from taxes
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Jun 24, 2021, Thu ...
Lord of the Roths: How Tech Mogul Peter Thiel Turned a Retirement Account for the Middle Class Into a $5 Billion Tax-Free Piggy Bank — ProPublica
Roth IRAs were intended to help average working Americans save, but IRS records show Thiel and other ultrawealthy investors have used them to amass vast untaxed fortunes.
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Jun 23, 2021, Wed ...
We’re told billionaire tax avoidance is ‘perfectly legal’. But is it? | Inequality | The Guardian
A presumption of innocence is never afforded to poor people accused of petty theft. Yet billionaires benefit from it every day when it comes to taxes
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Jun 22, 2021, Tue ...
Why Are Billionaires Always Presumed Innocent?
After an IRS leak about billionaires’ massive tax avoidance schemes, corporate media says there’s nothing to see here because the avoidance is surely legal. But there’s no reason we should assume that these billionaires are playing by...
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Jun 17, 2021, Thu ...
Abigail Disney: Why the Rich Protect Dynastic Wealth - The Atlantic
A common ideology underlies the practices of many ultra-wealthy people: The government can’t be trusted with money.
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Jun 15, 2021, Tue ...
McConnell presses for 'actual consequences' in disclosure of tax data | TheHill
Senate Minority Leader Mitch McConnell (R-Ky.) on Tuesday said that the Department of Justice (DOJ) and FBI need to investigate the disclosure of confidential tax information to ProPublica and bring criminal charges against those who are re...
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The Political Establishment Doesn’t Want You to Know the Economy Is Rigged
ProPublica’s bombshell story about the financial malfeasance of the richest Americans has stirred bipartisan outrage in Washington. Unfortunately, it's mainly outraged against the whistleblower who exposed the story.
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Jun 12, 2021, Sat ...
How Private Equity Firms Avoid Taxes - The New York Times
The I.R.S. almost never audits private equity firms, even as whistle-blowers have filed claims alleging illegal tax avoidance.
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Jun 11, 2021, Fri ...
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Jun 10, 2021, Thu ...
Leak of billionaires' tax data draws GOP outcry over privacy
the GOP lawmakers are demanding to know how the private tax data was disclosed and they are pressing the Treasury Department and the IRS to pursue anyone who violated the law.
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IRS investigating leak of tax returns from Elon Musk, Warren Buffett and other billionaires - MarketWatch
Some of the world's wealthiest people have paid relatively little in federal taxes, according to the investigative news outlet ProPublica, which obtained...
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Jun 09, 2021, Wed ...
The Guardian view on the super-rich: a billion reasons for a wealth tax | The super-rich | The Guardian
<strong>Editorial: </strong>When America’s richest are paying proportionately less in tax than those struggling from paycheck to paycheck, the tax system demands a radical overhaul
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The IRS Is Powerless to Fight the Warren Buffetts of the World
It takes money to make money, they say, and the only way to make the rich pay their fair share is to finally give the IRS the resources it needs.
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The Price of Zero - Public Citizen
Not only did these companies not pay taxes, but nearly all also got money back from the government.
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Jun 08, 2021, Tue ...
‘IRS Files’: Not even ProPublica knows source of blockbuster tax records - The Washington Post
The non-profit news organization argues the motivations of the tipster don’t matter — only that the information was legitimate.
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Elon Musk Paid $0 in Federal Income Tax in 2018: Report
You might not be as rich as Elon Musk or Jeff Bezos, but you probably paid more in taxes than they did.
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The Secret IRS Files Short Form: A Quick Guide to What We Uncovered — ProPublica
10 important takeaways from ProPublica’s first report on a vast collection of tax records for America’s wealthiest.
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Hearing | Hearings | U.S. Senate Committee On The Budget
The Official U.S. Senate Committee On The Budget
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Dems call for taxing the ultrarich after report shows they don't pay them
The IRS has opened an investigation into apparently leaked tax documents showing that ultra-rich Americans like Amazon founder Jeff Bezos, Tesla CEO Elon Musk and business tycoon Warren Buffett paid very little or no taxes, while Democrats ...
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The Secret IRS Files: Trove of Never-Before-Seen Records Reveal How the Wealthiest Avoid Income Tax — ProPublica
ProPublica has obtained a vast cache of IRS information showing how billionaires like Jeff Bezos, Elon Musk and Warren Buffett pay little in income tax compared to their massive wealth — sometimes, even nothing.
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May 21, 2021, Fri ...
You Just Paid Your Taxes. Here’s How the Superrich Avoid Them. – Mother Jones
And how Joe Biden's proposals might address some of that.
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Sep 28, 2020, Mon ...
Trump’s Seventy-Three-Million-Dollar Tax Refund Is the Biggest Outrage of All | The New Yorker
To avoid paying taxes, the President will resort to virtually anything—and that includes exploiting his many business failures.
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Yes, Donald Trump Is Still A Billionaire. That Makes His $750 Tax Payment Even More Scandalous
The bombshell New York Times report raises new questions about the president’s finances. One thing not in doubt: He remains very rich.
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Sep 27, 2020, Sun ...
Trump’s Taxes Show Chronic Losses and Years of Income Tax Avoidance - The New York Times
The Times obtained Donald Trump’s tax information extending over more than two decades, revealing struggling properties, vast write-offs, an audit battle and hundreds of millions in debt coming due.
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Oct 02, 2019, Wed ...
IRS: Sorry, but It’s Just Easier and Cheaper to Audit the Poor
Congress asked the IRS to report on why it audits the poor more than the affluent. Its response is that it doesn’t have enough money and people to audit the wealthy properly. So it’s not going to.
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Dec 14, 2012, Fri ...
Karl Rove's Dark Money Group Promised IRS It Would Spend 'Limited' Money on Elections — ProPublica
Crossroads GPS, which has spent tens of millions from secret donors on elections, told the IRS in its 2010 application that its efforts would focus on education, policy-making and research.
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