Tag: IRS

Commentary: $28 Per Day Triggers IRS Surveillance Program

Minnesota Sun Staff

The entire Democrat multi-trillion dollar socialist spending scam is bad for Americans, and bad for our economy. One particular provision that is especially terrible is their “IRS Surveillance” program, which would grant the government access to spy on nearly every Americans’ bank accounts. Their bill wants to use $80 billion of taxpayer funds to hire 85,000 more bureaucrats, nearly doubling the size of the IRS, to go through individuals’ personal banking information.

President Biden, and his colleagues in Congress, must have realized how unpopular this policy was with the American people, so they decided to make some “changes.” They created the impression they were raising the threshold in transactions individuals would need to hit before triggering the IRS to spy on their personal banking accounts.

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School Boards Group That Equated Parental Activism with ‘Domestic Terrorism’ Owes IRS $20 Million

Minnesota Sun Staff

A national education group that implied some parental activism is tantamount to “domestic terrorism” owes nearly $20 million to the IRS, according to tax forms reviewed by Just the News.

Most of that comes from “accrued pension liability,” as disclosed by the National School Boards Association’s 2017 and 2018 Form 990 filings. Unlike those two, the 2019 form — the most recently filed — does not include an itemized list under the federal income taxes subheading for “other liabilities.”

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Some Credit Unions Already Losing Accounts over Democrats’ Plan to Expand IRS Tracking

Minnesota Sun Staff
Outside of IRS building

Organizations representing community banks and credit unions are blasting the Democrats’ commitment to expanding IRS reporting requirements, calling the proposal a government overreach that would require financial institutions to spend more money on compliance costs at the expense of products and services for their members.

According to the National Association of Federally-Insured Credit Unions, customers at some credit unions have already decided to close their accounts over “government intrusion” concerns fueled by the prospect of such new rules taking effect.

The Democrats’ proposal would require financial institutions to report account activity above $600 to the IRS.

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Pelosi: ‘Yes,’ IRS ‘Tracking’ of Bank Accounts over $600 Still on Table as Opposition Grows

The Center Square

U.S. House Speaker Nancy Pelosi, D-Calif., doubled down on the inclusion in a spending bill of a Democratic provision that would require banks to report to the IRS transactions for accounts holding over $600.

When asked Tuesday if the IRS monitoring would remain in Democrats’ proposed $3.5 trillion reconciliation legislation, Pelosi emphatically said “yes.”

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Businesses Push Back Against Biden Plan to Track All Bank Transactions over $600 Through the IRS

The Center Square
Joe Biden outside

A major component of President Joe Biden’s plan to raise revenue to pay for his trillions of dollars in new federal spending is now under fire from trade associations across the country.

The Biden administration has made clear its plan to beef up IRS auditing by expanding the agency’s funding and power. Biden’s latest proposal would require banks to turn over to the Internal Revenue Service bank account information for all accounts holding more than $600.

In a sharp pushback against the proposal, more than 40 trade associations, some of which represent entire industries or economic sectors, signed a letter to U.S. House Speaker Nancy Pelosi, D-Calif., and Minority Leader Kevin McCarthy, R-Calif., raising the alarm about the plan.

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Commentary: IRS Guidance Would Punish Small Business Owners with Families

RealClearWire
Outside of IRS building

Most IRS guidance documents make for poor pleasure reading. Then again, most IRS guidance doesn’t effectively impose a retroactive tax on small business owners merely for having a family. IRS Notice 2021-49, issued on August 4, includes a bizarre interpretation of the law that will effectively raise taxes for business owners with close relatives, even if their family members have no involvement in the company.

A core goal of the Coronavirus Aid, Relief, and Economic Security (CARES) Act passed early on in the pandemic was to assist businesses in keeping employees on their payroll even as they dealt with the economic effects of lockdowns. Part of the plan was the Employee Retention Tax Credit (ERTC), which provides a tax credit against employer payroll tax liabilities.

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IRS Denies Tax Exemption to Christian Group, Associates Bible with GOP

Minnesota Sun Staff
Woman's hands with Holy Bible and taking notes

A top Internal Revenue Service official told a Christian group that “Bible teachings are typically affiliated” with the Republican Party as a rationale for denying its application for tax-exempt status. 

The Texas-based Christians Engaged filed an appeal on Wednesday to the IRS’ denial, objecting to the tax agency’s assertion that it is partisan. 

In a May 18 denial letter, IRS Exempt Organizations Director Stephen A. Martin said Christians Engaged is involved in “prohibited political campaign intervention” and “operate[s] for a substantial non-exempt private purpose and for the private interests of the [Republican Party].”

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IRS: California Shrank by 165K Taxpayers, $8.8 Billion in Gross Income

The Center Square
Aerial shot of a California suburb

California residents of all ages and incomes are leaving for more tax friendly climates, and they’re taking billions of dollars in annual income with them.

The Internal Revenue Service recently released its latest taxpayer migration figures from tax years 2018 and 2019. They reflect migratory taxpayers who had filed in a different state or county between 2017 and 2018, of which 8 million did in that timespan.

California, the nation’s most-populous state, lost more tax filers and dependents on net than any other state.

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Commentary: Be Very Skeptical About Sen. Warren Throwing More Money at the IRS

Minnesota Sun Staff
Elizabeth Warren

Closing the “tax gap,” or revenue owed to the federal government that goes uncollected, has long been a favorite deus ex machina for lawmakers who want more revenue without having to raise rates. But Internal Revenue Service (IRS) Commissioner Chuck Rettig really put dollar signs in lawmakers’ eyes when he claimed the tax gap could be as large as $1 trillion. Always eager to appear knowledgeable on policy issues, Sen. Elizabeth Warren is putting forward a plan to collect extra revenue that only gets worse the deeper you dig into it.

First and foremost, it’s important to understand how far off on an island Rettig is with his estimate. The IRS’s last official estimate of the size of the tax gap placed it at a far, far lower $381 billion. Even considering that this estimate may not have factored in underpayment from cryptocurrencies, offshore holdings, and pass-through businesses, the tax gap still remains far closer to $500 billion than to $1 trillion.

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Most Americans with Children to Receive Monthly Federal Payments Starting in July

The Center Square
Man with two children

Millions of American families will receive hundreds of dollars in regular federal payments beginning next month, the Internal Revenue Service said Monday.

The IRS announced July 15 as the start date for monthly child tax credit payments that would affect the vast majority of Americans with children.

“Eligible families will receive a payment of up to $300 per month for each child under age 6 and up to $250 per month for each child age 6 and above,” the IRS said in a statement.

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Puerto Rico: Tax Haven for the Super-Rich

Minnesota Sun Staff

Puerto Rico has become a popular tax haven for super rich Americans who take advantage of local laws, which allow them to avoid paying U.S. federal income taxes.

Over the last decade, thousands of wealthy Americans have built homes, started businesses and spent a significant amount of time in Puerto Rico, all in order to take advantage of the island’s tax code that exempts them from U.S. taxes. While just a few thousand have taken advantage of the law, the U.S. federal government has potentially lost out on hundreds of millions of dollars in tax revenue, according to the Internal Revenue Service (IRS).

“It’s being done, in a sense, in plain sight,” Peter Palsen, an international tax expert at the Washington D.C-area law firm Frost Law, told The Daily Caller News Foundation. “The IRS has the knowledge of who’s doing it.”

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Tax, Legal Experts Agree Leaker of Trump’s Tax Returns Could Face Prison Time

Minnesota Sun Staff

Tax and legal experts say the leaker or leakers who took President Trump’s personal tax returns and gave them to The New York Times, committed a felony punishable by prison.

Joseph diGenova, a former U.S. Attorney for the District of Columbia who has advised Trump on some legal matters, told Just the News that the leaking was “definitely” a crime that could be liable for both criminal and civil legal actions.

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Minnesota Republicans Submit Request for IRS Investigation Into Omar’s Fraudulent Tax Returns

Anthony Gockowski

State Rep. Steve Drazkowski (R-Mazeppa) announced Tuesday that he is submitting formal requests to the IRS and the Minnesota Department of Revenue for a full investigation into Rep. Ilhan Omar’s (D-MN-05) fraudulent 2014 and 2015 tax returns.

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Trump Signs Law Making It Harder for IRS to Seize Money From Americans

Minnesota Sun Staff

by Fred Lucas   The Internal Revenue Service seized $446,000 from the bank accounts of brothers Jeffrey, Richard, and Mitch Hirsch in 2012, claiming a “structuring” violation against the owners of Bi-County Distributors Inc. for making multiple bank deposits of less than $10,000. The government never charged them with a…

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House Democrats Issue Subpoena for President Trump’s Tax Returns

Minnesota Sun Staff

by Molly Prince   House Ways and Means Committee Chairman Richard Neal subpoenaed the U.S. Department of the Treasury and the Internal Revenue Service on Friday to obtain President Donald Trump’s last six tax returns. “After reviewing the options available to me, and upon the advice of counsel, I issued…

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Trumps Sue Banks to Keep Them from Complying with Congressional Subpoenas

Minnesota Sun Staff

by Chuck Ross   President Donald Trump, his three oldest children, and their companies sued Monday to prevent their two banks from complying with congressional subpoenas for personal and business financial records. The Trump lawyers argued in the lawsuit that the subpoenas, which were issued to Deutsche Bank and Capital…

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Grassley Explains Why He Doesn’t Want To See Trump’s Tax Returns

Minnesota Sun Staff

by Nick Givas   Sen. Chuck Grassley explained why he wasn’t interested in seeing President Donald Trump’s personal tax returns, on “Fox & Friends” Monday. “Listen, you’re asking me as chairman of the Finance Committee, we would have an opportunity to see [Trump’s tax returns] too. I don’t want to…

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Mick Mulvaney: Democrats Will ‘Never’ See President Trump’s Tax Returns

Minnesota Sun Staff

by Henry Rogers   Acting White House Chief of Staff Mick Mulvaney said Democrats in Congress will “never” succeed in obtaining President Donald Trump’s tax returns. Mulvaney mentioned in an interview with “Fox News Sunday” how Democrats are demanding the IRS to hand over Trump’s tax returns. “Democrats are demanding that the…

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US House Panel Asks IRS for Six Years of Trump’s Tax Returns

Minnesota Sun Staff

The head of a House Ways and Means Committee is formally asking the Internal Revenue Service to turn over the last six years of President Donald Trump’s tax returns. Congressman Richard Neal chairs the committee, which oversees tax policy, as Democrats seek to examine Trump’s complex business empire. Trump is…

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Sen. Cotton Seeks IRS Inquiry Into Southern Poverty Law Center’s Tax Status

Minnesota Sun Staff

by Fred Lucas   Sen. Tom Cotton has asked the Internal Revenue Service to investigate the Southern Poverty Law Center, a liberal activist organization that regularly brands organizations it opposes as “hate groups.” Cotton, R-Ark., said the probe is needed for “protecting taxpayer dollars from a racist and sexist slush…

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Former Iowa School Official on Probation After Embezzling $217K

Minnesota Sun Staff

by Neetu Chandak   A former school official was sentenced to three years of probation at a Friday hearing after embezzling $217,000 from a school district near Des Moines, Iowa. Melissa Lantz, 35, stole the money over the course of several years from Woodward-Granger Community School District. She was given…

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Commentary: An Epidemic of Erasures, Redactions, Omissions, and Perjuries

Minnesota Sun Staff

by Victor Davis Hanson   Imagine the following: The IRS sends you, John Q. Citizen, a letter alleging you have not complied with U.S. tax law. In the next paragraph, the tax agency then informs you that it needs a series of personal and business documents. Indeed, it will be…

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Women’s March, Other Left-Wing Groups Violated IRS Rules and Their Nonprofit Status Could Be In Jeopardy

Admin

by Andrew Kerr, Peter Hasson and Joe Simonson   Left-wing nonprofit groups that orchestrated disruptions during Brett Kavanaugh’s Supreme Court confirmation hearings likely violated IRS rules, which can result in their loss of tax-exempt status, according to an investigation by The Daily Caller News Foundation. TheDCNF listened in on a conference…

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