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☆ I.R.S. to Crack Down on Corporate Jet Users Who Abuse Tax Code
  + stars: | 2024-02-21 | by ( Alan Rappeport | ) www.nytimes.com   time to read: +1 min
The NewsThe Internal Revenue Service said on Wednesday that it would begin cracking down on corporate jet owners that abused the tax code by claiming millions of dollars in deductions on airplanes that were sometimes being used for personal travel. The scrutiny of corporate jet use will involve new data analytics tools, which the I.R.S. has been developing with the $80 billion in funds it was granted through the Inflation Reduction Act of 2022, to determine when executives or other company officials might be using corporate planes for vacations and private trips. The agency plans to begin dozens of new audits that will focus on large companies, partnerships and wealthy taxpayers. “These aircraft audits will help ensure high-income groups aren’t flying under the radar with their tax responsibilities,” Daniel Werfel, the I.R.S.
Persons: ” Daniel Werfel Organizations: Internal Revenue Service
☆ I.R.S. Freezes Pandemic-Era Tax Credit Amid Fraud Fears
  + stars: | 2023-09-14 | by ( Alan Rappeport | More About Alan Rappeport | ) www.nytimes.com   time to read: +1 min
“We are deeply concerned that this program is not operating in the way it was intended,” Daniel Werfel, the I.R.S. “We believe you should see only a trickle of employee retention claims coming in. Among them was the Employee Retention Credit, a tax benefit that was created as part of the initial $2 trillion pandemic relief legislation. said on Thursday that it had already paid out about $230 billion in refunds associated with the tax credit and that it had a backlog of 600,000 claims. Mr. Werfel said that 15 percent of the 3.6 million claims for the credit that the I.R.S.
Persons: ” Daniel Werfel, “, Werfel Organizations: Congressional, Office Locations: Washington
☆ I.R.S. Deploys Artificial Intelligence to Target Rich Partnerships
  + stars: | 2023-09-08 | by ( Alan Rappeport | More About Alan Rappeport | ) www.nytimes.com   time to read: +1 min
has simply not had enough resources or staffing to address partnerships; in a real sense, we’ve been overwhelmed in this area for years.”Mr. Werfel explained that artificial intelligence is helping the I.R.S. identify patterns and trends, giving the agency greater confidence that it can find where larger partnerships are shielding income. The agency said it would open examinations of 75 of the nation’s largest partnerships, which were identified with the help of artificial intelligence, by the end of the month. The focus on partnerships is part of a broader push by the I.R.S. Mr. Werfel said that the agency is dedicating dozens of revenue officers to pursue 1,600 millionaires who the I.R.S.
Persons: ” Daniel Werfel, we’ve, ” Mr, Werfel
☆ I.R.S. Halts Surprise Visits to Homes and Businesses
  + stars: | 2023-07-24 | by ( Alan Rappeport | More About Alan Rappeport | ) www.nytimes.com   time to read: +1 min
The change comes as the I.R.S. embarks on a multibillion-dollar modernization project that aims to upgrade technology, ramp up enforcement of the tax code and improve customer service. “We are taking a fresh look at how the I.R.S. operates to better serve taxpayers and the nation, and making this change is a common-sense step,” Daniel Werfel, the I.R.S. “Changing this longstanding procedure will increase confidence in our tax administration work and improve overall safety for taxpayers and I.R.S.
Persons: ” Daniel Werfel Organizations: Internal Revenue Service
☆ I.R.S. Acknowledges Black Americans Face More Audit Scrutiny
  + stars: | 2023-05-15 | by ( Alan Rappeport | ) www.nytimes.com   time to read: +1 min
The acknowledgment came after the publication of research this year showing that Black taxpayers were disproportionately audited, prompting calls from members of Congress for a review into the methodology and algorithms that help determine who is selected. “While there is a need for further research, our initial findings support the conclusion that Black taxpayers may be audited at higher rates than would be expected given their share of the population,” Daniel Werfel, the I.R.S. commissioner, wrote in a letter to Senator Ron Wyden of Oregon, the Democratic chairman of the Senate Finance Committee. Mr. Werfel said the I.R.S. could consider basing audits on “broader tax issues” rather than focusing on people who might be improperly claiming earned-income tax credits.
☆ Forgot to File Your 2019 Taxes? You Still Can if You Want Your Refund.
  + stars: | 2023-04-28 | by ( Ann Carrns | ) www.nytimes.com   time to read: 1 min
But another deadline looms for people who may be sitting on refunds because they have yet to file 2019 tax returns that were due in the early days of the pandemic. If they don’t file by the final cutoff of July 17, the U.S. Treasury keeps the money. Almost 1.5 million people have unclaimed federal refunds for tax year 2019, when the typical refund amount was nearly $900, the Internal Revenue Service said this month. While a deadline in July may sound like plenty of time, it can take a while to gather documents from previous tax years. “We want taxpayers to claim these refunds,” Daniel Werfel, the I.R.S.
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