Claims tagged with "IRS"

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Meta is currently in a sizable dispute with the I.R.S. over using the tax break to subsidize its chief executive’s multibillion-dollar pay package. 0.950

👤 The author 📋 News Article 🏷️ IRS , Meta , Tax Dispute , CEO Pay

Simplified: Meta is involved in a significant dispute with the I.R.S. regarding its use of the tax break to subsidize its CEO's multibillion-dollar pay package.

1 sources

1 week ago
In appearances before Congress in the spring, Mr. Bisignano, the first chief executive officer of the I.R.S., suggested that he was skeptical of the methodology behind the tax gap, saying that he want... 1.000

👤 Mr. Bisignano 📋 News Article 🏷️ Government , Taxes , IRS

Simplified: In spring congressional appearances, IRS CEO Mr. Bisignano expressed skepticism about the tax gap methodology and stated a desire to focus on realisti...

1 sources

3 weeks ago
Daniel Werfel, who was tapped by President Joseph R. Biden Jr. to lead the I.R.S. and stepped down in 2025. 1.000

👤 The author 📋 News Article 🏷️ Government , IRS

Simplified: Daniel Werfel was appointed by President Joseph R. Biden Jr. to lead the IRS and stepped down from the role in 2025.

1 sources

3 weeks ago
“The devil is in the details of what you’re describing as ‘addressable’ versus not,” said Daniel Werfel, who was tapped by President Joseph R. Biden Jr. to lead the I.R.S. and stepped down in 2025. 1.000

👤 Daniel Werfel 📋 News Article 🏷️ Government , Taxes , IRS

Simplified: Former IRS leader Daniel Werfel stated that the 'devil is in the details' regarding the definition of an 'addressable' tax gap.

1 sources

3 weeks ago
Mr. Bisignano has not yet defined what he considers “addressable,” a key point given that what is achievable for the I.R.S. depends on the budget and tax laws approved by Congress. 1.000

👤 The author 📋 News Article 🏷️ Government , Taxes , IRS

Simplified: IRS CEO Mr. Bisignano has not yet defined what he considers the 'addressable' tax gap.

1 sources

3 weeks ago
“What I’ve seen is nobody’s ever worked on the tax gap,” Mr. Bisignano, who is also the commissioner of the Social Security Administration, said in April. 1.000

👤 Mr. Bisignano 📋 News Article 🏷️ Government , Taxes , IRS

Simplified: In April, Mr. Bisignano said, "What I’ve seen is nobody’s ever worked on the tax gap."

1 sources

3 weeks ago
Alan Plumley, a retired I.R.S. analyst who worked on the tax gap, said that methodology meant that an annual headline figure was not particularly meaningful. 1.000

👤 Alan Plumley 📋 News Article 🏷️ Government , Taxes , IRS

Simplified: Retired IRS analyst Alan Plumley said the agency's methodology means the annual headline tax gap figure is not particularly meaningful.

1 sources

3 weeks ago
“Doing random audits has become a luxury where in the past they had been viewed as a necessity,” he said. 1.000

👤 Alan Plumley 📋 News Article 🏷️ Government , Taxes , IRS

Simplified: Retired IRS analyst Alan Plumley stated that random audits are now considered a luxury, whereas they were previously viewed as a necessity.

1 sources

3 weeks ago
To do so, the I.R.S. conducts a statistical sample of intensive audits, and then extrapolates the rates of noncompliance it finds to the taxpayer population more broadly. 1.000

👤 The author 📋 News Article 🏷️ Government , Taxes , IRS

Simplified: The IRS estimates the tax gap by extrapolating noncompliance rates from a statistical sample of intensive audits to the general taxpayer population.

1 sources

3 weeks ago
Previously, the agency released a new tax gap estimate every few years, but during the Biden administration it started providing an annual update, responding to requests from lawmakers of both parties... 1.000

👤 The author 📋 News Article 🏷️ Government , Taxes , IRS

Simplified: During the Biden administration, the IRS began providing annual tax gap updates, changing from its previous practice of releasing them every few years...

1 sources

3 weeks ago
For example, the 2022 estimate of the tax gap is based on noncompliance rates observed in tax filings from 2014 through 2016. 1.000

👤 The author 📋 News Article 🏷️ Government , Taxes , IRS

Simplified: The IRS's 2022 tax gap estimate is based on noncompliance rates from tax filings between 2014 and 2016.

1 sources

3 weeks ago
Mr. Bisignano, the first chief executive officer of the I.R.S., ... is also the commissioner of the Social Security Administration 1.000

👤 The author 📋 News Article 🏷️ Government , IRS , Social Security Administration

Simplified: Mr. Bisignano is the first chief executive officer of the IRS and is also the commissioner of the Social Security Administration.

1 sources

3 weeks ago
But most of the gap comes from people who file a tax return but do not report all of their income to the I.R.S., intentionally or not. 1.000

👤 The author 📋 News Article 🏷️ Government , Taxes , IRS

Simplified: The majority of the IRS tax gap results from individuals underreporting their income on filed tax returns.

1 sources

3 weeks ago
The agency has consistently found that income independently reported to the I.R.S., like wages, is rarely underreported, while income without third-party verification, like business profits, often goe... 1.000

👤 The I.R.S. 📋 News Article 🏷️ Government , Taxes , IRS

Simplified: The IRS has found that income with third-party verification is rarely underreported, while income without it often goes unreported.

1 sources

3 weeks ago
Overall, 85 percent of owed taxes were paid voluntarily and on time in 2022, the I.R.S. said. 1.000

👤 The I.R.S. 📋 News Article 🏷️ Government , Taxes , IRS

Simplified: The IRS stated that 85% of owed taxes were paid voluntarily and on time in 2022.

1 sources

3 weeks ago