The Treasury Department and the Internal Revenue Service announced on Wednesday that the 2020 tax filing and payment deadline is being pushed back from April 15 to May 17.
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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 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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A glitch within the Internal Revenue Service (IRS) has reportedly led to as many as thousands of foreign nationals receiving coronavirus stimulus checks intended for U.S. residents.
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The IRS placed a tax lien on Hunter Biden seeking $112,805 in unpaid taxes from 2015, according to records the Daily Caller News Foundation obtained.
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Disgraced former United Auto Workers (UAW) President Gary Jones resigned his union membership Friday amid an ongoing federal corruption investigation.
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The FBI and IRS raided the home of the United Automobile Worker Chief President Gary Jones Wednesday and discovered wads of cash.
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An IRS analyst pleaded guilty Wednesday to leaking former Trump attorney Michael Cohen’s confidential financial records in 2018 to Michael Avenatti, the embattled celebrity lawyer.
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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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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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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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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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The Democratic chairman of the U.S. House Ways and Means Committee on Saturday set a new April 23 deadline for the Internal Revenue Service to comply with his request for six years of President Donald Trump’s personal and business tax returns. In a letter to IRS Commissioner Charles Rettig, Ways…
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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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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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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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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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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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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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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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by Kalena Bruce As we enter the summer, Republicans and Democrats continue to debate the merits of the tax cuts. Lost in this partisan bickering is the genuine and long-overdue relief the tax cuts offer small businesses. Sadly, the media reporting on small business tax cuts has been heavily…
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