A sign is displayed outside the Internal Revenue Service building May 4, 2021, in Washington. (AP Photo/Patrick Semansky, File)
The IRS plans to go after 125,000 high-income earners who did not file tax returns going back to 2017 â and the agency says hundreds of millions of dollars of unpaid taxes are involved in these cases.
Beginning this week, the IRS will start sending out noncompliance letters to more than 25,000 people who earn more than $1 million per year and 100,000 people with incomes between $400,000 and $1 million who failed to pay their taxes between 2017 and 2021.
The campaign announced Thursday is part of the agencyâs ongoing effort to pursue high wealth tax cheats â mandated in part by funding provided through Democratsâ Inflation Reduction Act passed into law in 2022 and a directive from Treasury Secretary Janet Yellen to IRS leadership not to increase audit rates on people making less than $400,000 a year annually.
âWhen people donât file a tax return theyâre required to, itâs not fair to those hardworking taxpayers who responsibly do their civic duty under the laws of our nation,â IRS Commissioner Daniel Werfel told reporters Thursday morning.
Consumer prices in the United States picked up last month, a sign that inflation remains a persistent challenge for the Federal Reserve and for President Biden.
Jayesh Govindarajan, head of A.I. at Salesforce, explains the company's new Einstein copilot, plus other ways it is investing in artificial intelligence.
Altro founder and CEO Michael Broughton shares how his company is bringing both expanded credit access and financial wellness to underserved consumers, plus netting early investments from Tinashe, Quavo, and Jay Zâs Marcy Ventures.
Portilloâs CEO Michael Osanloo discusses the companyâs decades of profitability, opening restaurants in new markets, and why it doesnât need trends like dynamic pricing.
Adam Turnquist, Chief Technical Strategist for LPL Financial, weighs in on the latest CPI data, what could get the Fed to lower borrowing costs, and the crypto rally.