Tax

Italy and Spain also offered to limit the scope of a proposed global digital tax, a concession after the U.S. threatened to hit countries with tariffs if they moved ahead with levies on tech companies.

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 extension also applies to Americans living abroad who would otherwise generally have had a filing deadline of June 15.

Bug in the system, again; the category is fraudster; pit stop; and other highlights of recent tax cases.

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.

The committee’s suggestions for the IRS include collaborating with the FTC.

The Internal Revenue Service released final regulations Wednesday on how a regulated investment company that receives qualified real estate investment trust dividends should report the dividends paid by the company to its shareholders in accordance with section 199A of the Tax Code, which allows the investors to take a hefty deduction.

Treasury Secretary Steven Mnuchin said he may consider a second extension in the U.S. tax filing deadline as the coronavirus pandemic continues.