USNN2020 - USNN World News - Page 185 of 557

National News

GOP Senator to Introduce Resolution for Vote of No Confidence in Mayorkas

by USNN2020April 18, 2023April 18, 2023

Business

Artificial Intelligence Could Automate Two-Thirds of All American Occupations: Goldman Sachs

by USNN2020April 18, 2023August 29, 2023

Business

Budweiser’s New Pro-America Advertisement Sets Social Media Ablaze Amid Mulvaney Controversy

by USNN2020April 18, 2023February 27, 2025

National News

Businessman Harlan Crow Says ‘Leftists’ Funded ‘Political Hit Job’ on Justice Clarence Thomas

by USNN2020April 17, 2023August 5, 2023

National News

‘Soros-Funded’ DAs to Blame for ‘Violent Crime Spree’ Sweeping the Nation: House GOP

by USNN2020April 17, 2023June 13, 2025

National News

FBI Arrests 2 Over Secret Chinese Police Station in NYC

by USNN2020April 17, 2023February 21, 2025

World

OPEC Cuts May Lead to a World Crisis

by USNN2020April 17, 2023April 17, 2023

Business

Elon Musk Says US Government ‘Had Full Access’ to Private Twitter DMs

by USNN2020April 17, 2023February 27, 2025

Technology

Google Issues Urgent Chrome Update to Fix Actively Exploited Vulnerability

by USNN2020April 17, 2023August 21, 2025

World

Beijing Pledges to Stand Shoulder to Shoulder With Russia

by USNN2020April 17, 2023February 12, 2024

The Internal Revenue Service (IRS) has released data on its operations showing that, during the 2022 fiscal year, the agency collected close to $5 trillion in taxes while the share of Americans saying that it’s not at all acceptable to cheat on income taxes dropped to six-year low. According to the agency’s newly released Data Book, for fiscal year 2022 (Oct. 1, 2021 to Sept. 30, 2022) the IRS collected a total of $4.9 trillion in taxes. At the same time, the IRS issued just over 242 million refunds amounting to nearly $642 billion. Individual and estate and trust income taxes accounted for around $2.8 trillion, while business income taxes amounted to around $476 billion. Additionally, the share of people saying that it’s “not at all acceptable” to cheat on income taxes fell significantly from 2021 to 2022, from 88 percent to 84 percent. That’s the lowest reading in six years. At the same time, the data show that the share of people saying that it’s every American’s civic duty to pay taxes remained unchanged at 93 percent between 2021 and 2022, though agreement has trended slightly downward since 2017. IRS Commissioner Danny Werfel said in an introduction to the Data Book that the agency’s commitment to maintaining a “visible, robust tax enforcement presence” is “strong.” In a press release accompanying the data, the IRS reiterated its pledge to target high-income and high-wealth individuals, complex partnerships, and big corporations with its enforcement efforts. “The IRS has no plans to increase the audit rate for households making less than $400,000,” the agency said in a statement. The agency recently received an $80 billion funding boost over 10 years, with part of the funds going to hiring more staff, including in areas of tax enforcement. This has fueled concerns about an increase in tax audit rates among lower and middle income Americans, which the IRS has said repeatedly would not be the case. The IRS recently released its strategic operating plan (pdf), in which it identified certain transactions as being at high risk of noncompliance and vowed to ramp up enforcement in some areas. Enforcement Crackdown The IRS said in the plan that it would increase enforcement regarding digital asset transactions and certain other types of transactions. “The IRS tracks many known, high-risk issues in noncompliance, such as digital asset transactions, listed transactions, and certain international issues. These issues arise in multiple taxpayer segments, and data analysis show a higher potential for noncompliance,” the IRS wrote. “We will prioritize resources to increase enforcement activities, including criminal investigation as appropriate.” The tax agency stated that it will develop an information platform to support digital asset reporting and analytics tools with the aim of bolstering digital asset compliance. Digital assets include convertible virtual currency, cryptocurrency, stablecoins, non-fungible tokens (NFTs), and other digital representations of value, according to the IRS. Digital assets are considered property by the IRS, which requires taxpayers to report taxable gains or losses from transactions involving such assets. ‘Soft Notice’ Instead of Tax Audits Although the IRS vowed to ramp up enforcement of certain transactions and said it’s planning to get tough on wealthier tax dodgers, it stated that it would soften its enforcement efforts for ordinary filers. The agency stated that it’s rolling out a new program of “tailored post-filing treatments” to resolve issues and omissions on tax returns to provide an opportunity to remedy them before proceeding to a tax audit. The IRS will use “advanced analytics” to distinguish taxpayers who make good-faith mistakes on their tax returns from those trying to avoid paying what they owe. The program would then notify the honest-but-errant taxpayers in a way that gives them an opportunity to self-correct. “We will address issues identified after filing that require IRS intervention promptly and in ways tailored to the specific circumstances of the taxpayer, such as a soft notice to encourage self-correction instead of an audit,” the agency stated. “Notification could start with a soft notice, for example, and move to an audit if no action is taken or the issue remains unresolved.” The IRS stated that resorting to “less-intrusive treatments” would give taxpayers who want to be compliant a quick and easy way to correct issues that have emerged after they’ve filed their tax returns while helping to prevent “unnecessary audits.” The IRS stated that it hopes, as a result of the new initiative, to see a higher incidence of taxpayers correcting or self-correcting issues and a reduction in repeat noncompliance. The agency also expects the initiative to boost the incidence of taxpayers paying what they owe. $1.5 Billion in Unclaimed Refunds In recent tax season developments, the IRS said last week that over a million Americans have unclaimed tax refunds for the tax year 2019 and face a looming deadline to claim a total of $1.5 billion before it becomes government property. The agency said in a press release that nearly 1.5 million people across the United States have unclaimed refunds because they haven’t filed their tax returns for the 2019 tax year. Normally, the deadline for filing older tax returns falls around the April tax deadline. But for 2019 returns, that window has been extended to July 17 owing to the COVID-19 pandemic. There’s a three-year window for taxpayers to file returns and claim refunds. If they don’t file within three years, any money they could have received becomes the property of the U.S. Treasury. The average unclaimed amount for the 2019 tax year is $893 per filer. Some Taxpayers Can Get Bigger Refunds Taxpayers who reported certain state payments related to general welfare and disaster relief as taxable income on their tax returns in many cases did so unnecessarily, the IRS said in a recent press release. Earlier this year, the IRS determined that taxpayers in nearly two dozen states didn’t need to report these special payments in tax year 2022. Taxpayers in the following states don’t need to report any state payments related to general welfare and disaster relief: California, Colorado, Connecticut, Delaware, Florida, Hawaii, Idaho, Illinois, Indiana, Maine, New Jersey, New Mexico, New York, Oregon, Pennsylvania, and Rhode Island. Alaska is also in this group, although the payments covered by the IRS notice apply only to special supplemental Energy Relief Payments. In addition, four states are special cases in terms of relief payment taxability because they issued such payments in the form of refunds of state taxes paid: Georgia, Massachusetts, South Carolina, and Virginia. “For these individuals, state payments will not be included for federal tax purposes if the payment is a refund of state taxes paid and the recipient either claimed the standard deduction for tax year 2022 or itemized their tax year 2022 deductions but did not receive a tax benefit,” the IRS said. Taxpayers who meet the above criteria and needlessly paid tax on special state payments can file an amended return either electronically or in paper form. Electronic filers can opt for a direct deposit, while paper filers can expect a paper check for any resulting refunds.

National News

IRS Raked in Nearly $5 Trillion in Taxes From Americans Last Year

by USNN2020April 17, 2023February 12, 2024

Finance

JPMorgan CEO Sees Risk of More Bank Failures

by USNN2020April 17, 2023February 21, 2025

NATIONAL NEWS

GOP Strategist Says Washington Post WH Bureau Chief ‘Burned’ Trump’s Ousted Secretary by Revealing Off-the-Record Conversation

BY VENUS UPADHAYAYA Arthur Schwartz, a GOP Strategist, has alleged that The Washington Post’s White House bureau chief Philip Rucker leaked off-the-record conversations with President Donald Trump’s ...

Trump: ‘Enjoy the low gas prices over the Labor Day weekend!’

By FOX Business If you’re hitting the road this holiday weekend, President Trump claims you have him to thank for lower prices at the pump. In a tweet ...

Texas shooting leaves 7 dead, 19 injured; suspect dead

By Melissa Leon | Fox News The random shooting rampage in West Texas Saturday left seven dead, police said Sunday. Odessa police spokesman Steve LeSueur said Sunday that ...

Trump’s personal assistant resigns from White House amid tensions

By Louis Casiano | Fox News A personal assistant to President Trump who had been with the administration since Trump took office, Madeleine Westerhout, abruptly resigned Thursday, reportedly after it was determined she shared private ...

Dead birds in Massachusetts town prompt concerns they’re infected with deadly virus

By Madeline Farber | Fox News Dead birds and seagulls spotted in the town of Fairhaven, Mass., have raised concerns among residents that the animals are infected ...

MSNBC’s O’Donnell retracts Trump-Russia story, apologizes; Florida in Dorian’s crosshairs

By Fox News MSNBC’s O’Donnell retracts unverified Trump-Russia story, makes on-air apology MSNBC host Lawrence O’Donnell on Wednesday night retracted a story that directly tied President ...

Trump mocks Kirsten Gillibrand as she exits 2020 race: ‘She was the one I was really afraid of’

By Joseph A. Wulfsohn | Fox News President Trump had some fun at the expense of Sen. Kirsten Gillibrand, D-N.Y., after she announced on Tuesday that she was withdrawing ...

Heritage Foundation bewildered by Biden claim about Trump tax cuts

By Gregg Re, Patrick Ward | Fox News The conservative Heritage Foundation reacted with bewilderment on Wednesday after Joe Biden claimed that the think tank had condemned the 2017 Trump-GOP ...

Ilhan Omar issues terse denial on allegations of affair with married DC consultant

By Ronn Blitzer | Fox News Minnesota Democratic Rep. Ilhan Omar is denying allegations of an affair with a married Washington, D.C., consultant. The accusations emerged earlier this week in a ...

Trump demands apology from NBC News over ‘false and defamatory’ report, threatens legal action in scorching letter

By Brian Flood | Fox News President Trump’s legal team sent a harshly worded letter to NBC Wednesday demanding an apology and retraction for “false and defamatory, and extremely damaging” ...

AOC suggests ‘informed’ millennials are first generation to protest government, forgets about the ‘60s

By Ronn Blitzer | Fox News Rep. Alexandria Ocasio-Cortez made some bold claims in her latest Instagram Live video, suggesting millennials and Generation Z are better “informed” and more well-versed ...

Winter to feature ‘Polar Coaster’ mix of frigid temperatures, snow: Farmers’ Almanac

By Travis Fedschun | Fox News Enjoy the last days of summer, because a wild ride apparently is in store this winter. The Farmers’ Almanac is predicting that “bitterly cold ...