The Trump administration is proposing a new rule that would strip private schools and colleges of their tax-exempt status if they provide targeted help to students based on their race, a significant escalation in the White House’s campaign to eradicate diversity programs directed at Black, Hispanic and other minority students. The Treasury Department proposed the…
A retiree owns a vacant parcel he bought decades ago, back when the surrounding neighborhood ended several streets away. The land is now worth well into six figures, although it remains mostly weeds, scrub trees and a faded “No Dumping” sign. A local nonprofit wants to turn neglected lots into community green space. He donates the…
Almost a year into his tenure leading IRS enforcement, Jarod Koopman is using his shrunken workforce to shepherd new civil strategies and refocus the criminal branch. The IRS compliance strategy hadn’t been updated since 2017 and didn’t have any metrics to show whether revenue agents were successfully collecting taxes owed, Koopman said. And since the…
UnitedHealth Group is contesting an Internal Revenue Service proposal to increase its taxable income over how it priced transactions with one of its foreign subsidiaries, a dispute the company disclosed in a quarterly filing in May and repeated in its August filing. The notices cover transactions between UnitedHealth and a foreign subsidiary from the 2017 through 2020 tax years,…
The Trump administration is weighing a proposal to require nonprofits to disclose in their annual tax filings whether their top officials have been convicted of certain financial or terrorism-related crimes, sources with direct knowledge of the matter told CBS News. The IRS disclosure requirement would be added to the Form 990, the annual return that…
The IRS didn’t conduct proper testing for employees suspected of drug use, though evidence of use existed, the agency watchdog said. Federal agencies, under the Drug-Free Workplace Act of 1988, are required to develop a plan to achieve a drug-free workforce. The Treasury Inspector General for Tax Administration found that the Drug-Free Workplace Plan lacked…
Jacksonville, Florida – A federal grand jury has returned an indictment charging Jon Christopher Williams with four counts of attempting to evade and defeat individual income taxes, eleven counts of failing to withhold and pay employment taxes, and one count of endeavoring to obstruct and impede the administration of the internal revenue laws. Each tax evasion…
Many crypto investors haven’t been paying their taxes correctly — and the Internal Revenue Service may soon know about it. Determining tax on transactions involving digital assets is a notoriously difficult exercise, often much more so than for traditional financial assets like stocks and bonds, according to accountants. By one estimate, just 32% to 56% of U.S….
An Internal Revenue Service official recently warned Millersville and East Cocalico police that 20 of its revenue agents are coming to the area and some may be making “unannounced contact” with people. The IRS says the July 21 letter, made public by the Millersville Borough police department, is legitimate but declined to explain the revenue officers’ visit on…
Nearly three decades ago, then–IRS Commissioner Charles Rossotti issued a statement addressing one of the agency’s most persistent problems: the accuracy of answers given by Internal Revenue Service telephone assisters. Not surprisingly, the agency came under criticism for the high error rates in the answers that telephone assisters gave to taxpayers. Rossotti did not blame the employees. He…
