According to a report, the Internal Revenue Service (IRS) imposed $7 billion in extra tax penalties last year, about four times the $1.8 billion it assessed in 2022 following the Biden administration’s push for increased funding and enforcement of the agency.
Read More Americans Suffered $7B In Tax Penalties Last Year Following Biden Admin’s Additional Funding Of IRS, Thousands Of Added Positions
Treasury Secretary Janet Yellen will warn that the use of AI in finance could lower transaction costs, but carries “significant risks.”
Read More Yellen to warn of ‘significant risks’ from use of AI in finance
Ippei Mizuhara, the former interpreter of Los Angeles Dodgers superstar Shohei Ohtani, pleaded guilty to bank and tax fraud on Tuesday and admitted to stealing nearly $17 million from the Japanese phenom to pay off sports betting debts.
Read More Shohei Ohtani’s Ex-Interpreter Ippei Mizuhara Pleads Guilty to $17M Fraud, Faces Up to 33 Years in Prison
with Rep. Pat Fallon
Read More IRS To Audit More Americans This Year
Following the announcement that the Inflation Reduction Act would provide the IRS with an additional $80 billion in budget, the Biden administration had made an effort to convince American taxpayers that this money would not increase their likelihood of being audited by the agency.
Read More IRS Audits Low Earners ‘5X More Often’ Despite Biden’s Pledge Against Increased Audits for Low to Middle Class
The IRS said it will go after high-income earners who have failed to file tax returns in 125,000 cases since 2017.
Read More US IRS says it will pursue high-income earners who failed to file tax returns