IRS wants to end another tax loophole for the wealthy | AP News

Jun 17, 2024 · WASHINGTON (AP) — The IRS plans to end a major tax loophole for wealthy taxpayers that could raise more than $50 billion in revenue over the next decade, the U.S. …

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IRS Wants To End Another Tax Loophole For The Wealthy | AP News

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Jun 17, 2024 · WASHINGTON (AP) — The IRS plans to end a major tax loophole for wealthy taxpayers that could raise more than $50 billion in revenue over the next decade, the U.S. …

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Jun 17, 2024 · The Internal Revenue Service plans to end another major tax loophole that could raise more than $50 billion in revenue over the next decade. ... Due to previous years of …

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IRS Plans To Raise $50 Billion Over 10 Years, Closing Loophole ...

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The IRS estimates it will raise more than $50 billion over the next decade by closing a loophole often exploited by wealthy filers seeking to avoid paying taxes.

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IRS Wants To End Another Major Tax Loophole For The Wealthy

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Jun 17, 2024 · WASHINGTON (AP) — The IRS plans to end a major tax loophole for wealthy taxpayers that could raise more than $50 billion in revenue over the next decade, the U.S. …

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IRS Wants To End Major Tax Loophole For Wealthy, Raise $50 Billion …

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Jun 17, 2024 · The IRS plans to end a major tax loophole for wealthy taxpayers that could raise more than $50 billion in revenue over the next decade, the U.S. Treasury Department says. …

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IRS Wants To End Another Major Tax Loophole For The Wealthy - NY1

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Jun 17, 2024 · The Internal Revenue Service plans to end a major tax loophole for wealthy taxpayers that could raise more than $50 billion in revenue over the next decade, the U.S. …

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IRS To End Major Tax Loophole - The Boston Globe

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Jun 17, 2024 · The IRS plans to end a major tax loophole for wealthy taxpayers that could raise more than $50 billion in revenue over the next decade, the US Treasury Department says.

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IRS To End Another Major Tax Loophole For The Wealthy - Omaha …

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Oct 5, 2024 · The IRS plans to end a major tax loophole for wealthy taxpayers that could raise more than $50 billion in revenue over the next decade, the U.S. Treasury Department said …

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IRS Unveils Plan To End Another Major Tax Loophole For The Wealthy ...

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Jun 17, 2024 · IRS unveils plan to end another major tax loophole for the wealthy and raise $50 billion in the process Monday's announcement is part of the IRS’s ongoing effort to zero in on …

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The IRS Wants To End Another Major Tax Loophole For The Wealthy

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Jun 17, 2024 · (AP) - The IRS plans to end a major tax loophole for wealthy taxpayers that could raise more than $50 billion in revenue over the next decade, the U.S. Treasury Department …

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IRS Wants To End Another Major Tax Loophole For The Wealthy

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Jun 17, 2024 · The IRS plans to close a loophole for wealthy taxpayers that could raise more than $50 billion in revenue over the next decade. WASHINGTON (AP) — The IRS plans to end a …

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FAQs about IRS wants to end another tax loophole for the wealthy | AP News Coupon?

Is the IRS ending a major tax loophole?

The IRS plans to end another major tax loophole that could raise more than $50 billion in revenue over the next decade, the U.S. Treasury says. ...

How much money will the IRS raise by closing a loophole?

The IRS estimates it will raise more than $50 billion over the next decade by closing a loophole often exploited by wealthy filers seeking to avoid paying taxes. The loophole allows such taxpayers, as well as businesses, to move assets between entities in a way that authorities say has no economic purpose. ...

What is a tax loophole?

The loophole allows such taxpayers, as well as businesses, to move assets between entities in a way that authorities say has no economic purpose. Deputy Treasury Secretary Wally Adeyemo called the practice “really just a shell game" in a statement. ...

Why did the IRS cut back on tax avoidance?

Due to previous years of underfunding, the IRS had cut back on the auditing of wealthy individuals, making tax avoidance strategies like shifting assets among partnerships and companies more common. ...

What is the IRS doing to reduce taxes on corporate jets?

The IRS has announced initiatives to pursue people and businesses that improperly deduct personal flights on corporate jets. Additionally, they plan to raise audit rates on companies with assets above $250 million to 22.6% in 2026, from an 8.8% rate in the tax year 2019. ...

Will a new tax rule stop 'partnership basis shifting'?

The proposed rule and guidance announced Monday includes plans to essentially stop 'partnership basis shifting' — a process by which a business or person can move assets among a series of related parties to avoid paying taxes. ...