Tax practitioners share the new issues that they’re keeping an eye on. | Richest 1% hide a fifth of their income from the IRS | | By Ben Steverman 2 min read | | More than 20 percent of the wealthiest Americans’ income isn’t being reported to the Internal Revenue Service, according to a new study that calculates U.S. tax evasion is far higher than previously estimated. | |
| Biden determined to tax rich after windfalls during crisis | | By Nancy Cook 5 min read | | President Joe Biden’s economic team at the White House is determined to make good on his campaign pledge to raise taxes on the rich, emboldened by mounting data showing how well America’s wealthy did financially during the pandemic. | |
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| IRS audits of millionaires plunged 72% | | By Michael Cohn 3 min read | | Fewer than two out of every 100 taxpayers reporting over $1 million in income were audited by the Internal Revenue Service in fiscal year 2020, according to a new report. | |
| Treasury clears states to cut taxes — but not with stimulus | | By Laura Davison 3 min read | | The Biden administration said in a response to concerns raised by Republicans that state governments accepting pandemic-relief money from Washington are allowed to cut taxes, but only if they don’t use the federal aid to offset those reductions. | |
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