
Laura Davison
Capitol Hill tax reporterLaura Davison is a Capitol Hill tax reporter at Bloomberg News
Laura Davison is a Capitol Hill tax reporter at Bloomberg News
The IRS initiated 71 percent fewer corporate audits this spring compared with the same time period a year ago as the coronavirus pandemic halted many agency operations.
The head of a federal watchdog agency had some direct experience with the shortcomings of one of the coronavirus stimulus programs — a check from the IRS made out to his late mother.
The Internal Revenue Service wasted $22.7 million auditing tax returns that resulted in no additional revenue for the federal government, according to an agency watchdog.
The federal government’s quick action to issue stimulus payments led to more than a billion dollars of fraudulent payments, according to the GAO.
Top Democrats in the House and Senate are backing a measure that would deny coronavirus aid to companies that moved their official headquarters offshore to avoid U.S. taxes.
Taxpayers who are owed a refund may also get a second check this year if they took advantage of the July 15 extended filing deadline, according to the Internal Revenue Service.
Treasury Secretary Steven Mnuchin said he may consider a second extension in the U.S. tax filing deadline as the coronavirus pandemic continues.
The U.S. Supreme Court refused to question a ruling that technology companies including Facebook Inc. and Google say will cost them billions of dollars in taxes by limiting deductions for stock payments to employees.
Treasury Secretary Steven Mnuchin withdrew the U.S. from international talks over a digital tax deal after failing to reach an agreement with countries looking to place levies on the revenue of American tech companies, U.S. Trade Representative Robert Lighthizer said.
The service issued guidance that levies a 21 percent excise tax on some nonprofit employees’ salaries above $1 million.