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☆ Shohei Ohtani says his interpreter stole money from his account and 'told lies'
▼ + stars: | 2024-03-25 | by ( Dennis Romero | Mirna Alsharif | ) www.cnbc.com time to read: +4 min

Shohei Ohtani answers questions and Ippei Mizuhara translates during the Shohei Ohtani Los Angeles Dodgers Press Conference at Dodger Stadium on Thursday, December 14, 2023 in Los Angeles, California. Los Angeles Dodgers superstar Shohei Ohtani spoke to the media on Monday for the first time since his former interpreter became wrapped up in an alleged sports gambling scandal. "Ippei has been stealing money from my account and has told lies," Ohtani said in Japanese with the help of a different interpreter. Mizuhara met Ohtani when he went to Japan to work as an interpreter for the Hokkaidō Nippon-Ham Fighters of Japan's Nippon Professional Baseball league, Nippon.com reported. The scandal was first reported Wednesday by The Los Angeles Times and ESPN.

Persons: Shohei, Shohei Ohtani, Ippei Mizuhara, Mizuhara, Ohtani, Ippei, Nippon.com, Matthew Bowyer of, Diane Bass, Bowyer's, Bowyer, Bass, Boyer, Shohei Otani, Matthew Bowyer's Organizations: Los Angeles Dodgers Press, Dodger, Los Angeles , California . Los Angeles Dodgers, Major League Baseball, Dodgers, Hokkaidō, Ham Fighters, Japan's Nippon Professional Baseball, Los Angeles Angels, Los Angeles Times, ESPN, NBC News, Internal Revenue Service, Homeland Security, FBI, NBC Locations: Los Angeles , California, Ohtani, Japan, Southern California, Matthew Bowyer of Orange County , California, South Korea

CNN —Los Angeles Dodgers superstar Shohei Ohtani is expected to address the media Monday as Major League Baseball investigates allegations of theft against his former interpreter. “I think it’ll give us a little bit more clarity.”Roberts spoke before the Dodgers’ 5-3 victory over Ohtani’s former team, the Los Angeles Angels. Bookie’s attorney speaks to CNNVideo Ad Feedback MLB launches investigation into Ohtani allegations 03:03 - Source: CNNBass, Bowyer’s attorney, told CNN that her client dealt with Ippei Mizuhara. I don’t have access to that information,” she told CNN. • After learning about the allegations against Ohtani and Mizuhara, MLB on Friday announced it would be pursuing an investigation.

Persons: Shohei Ohtani, “, Dave Roberts, ” Roberts, Ohtani’s, Ippei Mizuhara, Mathew Bowyer, “ Mathew Bowyer, Diane Bass, Scott Villiard, Bowyer, Mizuhara, Ohtani, ESPN’s Tisha Thompson, Ippei, ” Bass, ” Bowyer, ” Mizuhara, ”, Bass, • Mizuhara Organizations: CNN, Los Angeles Dodgers, Major League Baseball, ” Dodgers, Dodgers, Los Angeles Angels, Dodger, ESPN, Los Angeles Times, Mizuhara, MLB, Internal Revenue Service, “ Major League Baseball, Department of Investigations, IRS, Angeles Field Office, Nippon, Ham Fighters, Japan’s Nippon Professional Baseball League, “ feds, Padres, Ohtani’s, San Diego Padres Locations: Bowyer, California, Ippei, San Diego, Mizuhara’s, Seoul, South Korea

• But after the interview, Ohtani’s spokesperson “disavowed” Mizuhara’s account, then released a statement saying Ohtani had been the victim of theft. • Later on Wednesday, Mizuhara was fired as Ohtani’s interpreter. ESPN’s Thompson said the interpreter and Ohtani’s representatives did “a big 180” in what they were telling her. At first, Ohtani’s spokesperson told ESPN the player had transferred money to help pay off Mizuhara’s gambling debts, the outlet reported. “I’ve been told (Mizuhara) says something to the effect of ‘I’m sorry.

Persons: Shohei Ohtani, Ippei, “, Mathew Bowyer, Scott Villiard, Bowyer, Diane Bass, Ohtani, ”, Dave Roberts, • Mizuhara, Mizuhara, Ohtani’s, Bowyer “, ‘, Bass, “ Mathew Bowyer, ” Bass, ” Mizuhara, Tisha Thompson, Thompson, –, ESPN’s Thompson, Berk Brettler, Shohei, “ I’ve, ’ ” Thompson Organizations: CNN — Major League Baseball, Internal Revenue Service, Angeles Dodgers, ESPN, Los Angeles Times, “ Major League Baseball, Department of Investigations, IRS, Angeles Field Office, CNN, Los Angeles Dodgers, Dodgers, Ohtani’s, San Diego Padres, MLB, Ohtani, Padres, ” CNN, “ feds, Los Angeles Angels, Shohei’s, Angels, The Dodgers, Nippon, Ham Fighters, Japan’s Nippon Professional Baseball League Locations: California, Seoul, South Korea, San Diego, Mizuhara’s, Ippei

☆ Lawmakers release text of $1.2 trillion spending bill as shutdown deadline nears
▼ + stars: | 2024-03-21 | by ( Sahil Kapur | ) www.cnbc.com time to read: +3 min

WASHINGTON — Lawmakers early Thursday morning released the text of a $1.2 trillion government funding bill negotiated by the White House and leaders of both parties to avoid a partial government shutdown this weekend. Those federal agencies are scheduled to shut down on Saturday if the funding package is not passed by Friday night. President Joe Biden has said he'll sign the bill, but it's unclear whether Congress has enough time to pass it before the deadline. It is the last remaining funding package that Congress has to pass this fiscal year, which ends after September. After the House passes the bill, the Senate will require unanimous consent to vote quickly.

Persons: Joe Biden, Mike Johnson, Johnson, Hakeem Jeffries, Biden, Chuck Schumer, Schumer, Mitch McConnell, — Frank Thorp Organizations: WASHINGTON — Lawmakers, White, Homeland Security, Defense, State, Labor, Health, Human Services, DHS, Internal Revenue Service, Republicans, House Republicans, House, Department of Homeland Security Locations: Washington, Washington , DC, D, Ky

Ten nonprofits serving young people in Detroit will get an unusual, lasting gift as part of a campaign started by Lisa Ford and her husband, Bill Ford, the executive chairman of Ford Motor Co. Endowments are funds a nonprofit can invest and the annual financial returns from those investments can go into the nonprofit’s budget. Detroit-area nonprofits may apply in June, when Michigan Central Station will reopen, and ten selected organizations will each receive $500,000 to launch an endowment. The Children's Foundation will manage the nonprofits’ endowments and offer them guidance and technical support over two years. Lisa Ford said the idea for creating endowments for youth nonprofits evolved out of their commitment to supporting a robust and vibrant future for the city and the automotive industry.

Persons: Lisa Ford, Bill Ford, ’ ”, Andrew Stein, ”, ” Ford, Todd Ely, Ely, ” Ely, Meadow Didier, Stein Organizations: Ford Motor Co, Children’s Foundation, Michigan Central, Children’s Hospital of Michigan, Harvard, Foundation, Children’s, Endowments, Internal Revenue Service, University of Colorado, Nonprofit Finance Fund, Children's, Ford, Associated, Lilly Endowment Inc, AP Locations: Detroit, Michigan, University of Colorado Denver

☆ Biden’s Climate Law Has Created a Growing Market for Green Tax Credits
▼ + stars: | 2024-03-19 | by ( Jim Tankersley | ) www.nytimes.com time to read: +1 min

The climate law that President Biden signed in 2022 has created a large and growing market for companies to buy and sell clean-energy tax credits, new Treasury Department data suggests, creating opportunities for start-ups to raise money for projects like wind farms and solar panel installations. The market also provides new opportunities for large companies and financial firms to make money. The projects registered with Treasury vary widely in size. They could be as small as a single wind turbine or as large as a new advanced battery factory. The numbers reflect both the wide scope of the climate law and the novel mechanisms it created for companies to cash in on its incentives.

Persons: Biden Organizations: Treasury Department, Internal Revenue Service, Treasury, District of Columbia

☆ House GOP Biden inquiry stalls as impeachment becomes less likely
▼ + stars: | 2024-03-15 | by ( Annie Grayer | ) edition.cnn.com time to read: +14 min

Hunter Biden arrives at the Thomas P. O'Neil Jr. House Office Building for a closed door deposition on February 28, in Washington, DC. Abbe Lowell makes a statement to the press following a closed-door deposition before the House Committee on Oversight and Accountability, and House Judiciary Committee in the O'Neill House Office Building on February 28, in Washington, DC. “He was well-prepared for the kind of questions,” Issa recounted of Hunter Biden. GOP focus shifts away from impeachment probeInvestigating the Biden family and going after President Biden was a top priority for House Republicans when they reclaimed the majority and got control of committees. GOP Rep. Ryan Zinke of Montana said the three Republican chairmen leading the impeachment inquiry have the same message: “They say we’re not in a position to go forward on impeachment.”

Persons: Joe Biden, Biden, Hunter Biden, James Comer, Jim Jordan, Comer, Donald Trump, Thomas P, O'Neil Jr, Countess, Merrick, Justice won’t, ” Comer, Mike Johnson, “, Jordan, Johnson, “ I’m, ” Johnson, Ralph Norman of, Troy Nehls, impeaching Biden, We’ve, Let’s, ”, ” Nehls, Alejandro Mayorkas, I’m, Trump, weaponized, ” Jordan, Vernon, Ed Siskel, ” Siskel, Hunter, Mary, ” Hunter, Abbe Lowell, Samuel Corum, Hunter Biden’s, Darrell Issa, ” Issa, Robert Hur, Garret Graves, Chip Roy, Texas, Lisa McClain, Richard Hudson of, it’s, Nick LaLota, ” Norman, Ryan Zinke Organizations: House Republicans, Department of Justice, CNN, Fox News, Merrick Garland’s Department, Justice, Louisiana Republican, ” Staff, GOP, Caucus, Democratic, Homeland, Senate, Trump, White, Getty, Committee, Republican, of, Hunter Biden, Republicans, Internal Revenue Service, Judiciary, House, House Republican, “ Locations: Washington ,, Merrick Garland’s, Louisiana, House, Ralph Norman of South Carolina, Texas, Georgia, Miami, Vernon Hill, Florida, O'Neill, Washington , DC, California, Lisa McClain of Michigan, Richard Hudson of North Carolina, New York, Montana

☆ Mega Millions sixth-largest jackpot hits $792 million—how much you'd actually take home in every U.S. state
▼ + stars: | 2024-03-14 | by ( Mike Winters | ) www.cnbc.com time to read: +1 min

Mega Millions jackpot prize has grown to $792 million ahead of Friday night's draw — its sixth highest total ever. To win the jackpot, you'll need to match numbers with all five white balls, plus the gold Mega Ball. If you win, you can take a 30-year annuity for the full jackpot amount, or an upfront cash lump sum that's worth about 48% of the jackpot. While the lump sum is much less than the annuity, winners often choose that option since they receive more money right away. The prize amounts for both lump sum and annuity amounts are calculated by usamega.com.

Persons: you'll, usamega.com Organizations: Internal Revenue Service, D.C Locations: California, Florida , New Hampshire, South Dakota , Tennessee , Texas, Washington and Wyoming, Washington

☆ The IRS's free tax filing system is officially open. Here's everything you need to know.
▼ + stars: | 2024-03-12 | by ( Allie Kelly | ) www.businessinsider.com time to read: +3 min

Read previewThe Internal Revenue Service and the US Department of the Treasury officially launched their Direct File tax program on March 12. Direct File — now available in both English and Spanish — has been piloted in several states and offers Americans a free way to file their taxes. With Direct File, taxpayers can file their taxes directly from their smartphone, laptop, or desktop computer. The Direct File program will show taxpayers clear math on the taxes they owe and their expected tax refund. "Our priority in launching this new service is to save taxpayers time and money they can spend on themselves and their families."

Persons: —, Spanish —, Joe Biden's, Wally Adeyemo, Natalie Quillian, Quillian Organizations: Service, Revenue Service, US Department of, Treasury, Business, Taxpayers, Social, Treasury Department, IRS, Staff Locations: Spanish, California , Arizona, Florida , Massachusetts, New Hampshire , Nevada , New York, South Dakota , Tennessee , Texas, Washington, Wyoming

After a yearlong investigation, Hur concluded that Biden mishandled classified material and improperly disclosed classified information as a private citizen. Here are four key things to look for in Tuesday’s high-stakes hearing:What will Hur say about Biden’s age and memory? (At 81, Biden is the oldest US president in history, though Donald Trump is only a few years younger at 77.) House Republicans are looking for Hur’s public testimony to provide fresh momentum to their sputtering impeachment inquiry into Biden. Hur’s approach will determine how easy, or hard, it is for lawmakers to extract the political moments that they want.

Persons: Robert Hur, Joe Biden’s, Hur, Biden, wouldn’t, Donald Trump, Beau, Barack Obama, seething Biden, “, ” Biden, ”, Jack Smith, Trump, ” Hur, Will Hur, Hunter, Steve Ruark, Mr, Biden’s, Hunter Biden, Robert Mueller, John Durham, Bill Barr, – Hur, he’ll, Biden’s feebleness Organizations: CNN, GOP, Justice Department, Republicans, National Archives, Department of Justice, Court, Ukrainian, Justice, Internal Revenue Service, White, Trump, Democratic, Capitol Locations: Washington, Tuesday’s, Israel, Florida, Ukrainian, Baltimore, Maryland, Russia

☆ How Trump’s Justice Dept. Derailed an Investigation of a Major Company
▼ + stars: | 2024-03-09 | by ( Jesse Drucker | ) www.nytimes.com time to read: +1 min

A few hours before the interview was set to begin, the agents were startled to hear that the Justice Department was telling them to cancel the long-planned meeting. The interview was never rescheduled, and the investigation would limp along for another few years before culminating, in late 2022, with a victory for Caterpillar. The criminal investigation was closed without charges being filed — and even without agents having the chance to review records seized from the company. Caterpillar appears to have defused the investigation at least in part by deploying a type of raw legal power that rarely becomes publicly visible. This account is based on interviews with people familiar with the investigation, regulatory filings and internal Justice Department emails provided to Senate investigators and reviewed by The New York Times.

Organizations: Caterpillar, Justice, Internal Revenue Service, Department, The New York Times Locations: Amsterdam, Swiss

☆ Biden Portrays Next Phase of Economic Agenda as Middle-Class Lifeline
▼ + stars: | 2024-03-08 | by ( Alan Rappeport | ) www.nytimes.com time to read: +1 min

Mr. Biden offered a blitz of policies squarely targeting the middle class, including efforts to make housing more affordable for first-time home buyers. The president used his speech to try and differentiate his economic proposals with those supported by Republicans, including former President Donald J. Trump. Those proposals have largely centered on cutting taxes, rolling back the Biden administration’s investments in clean energy and gutting the Internal Revenue Service. Many of Mr. Biden’s policy proposals would require acts of Congress and hinge on Democrats winning control of the House and the Senate. From taxes and housing to inflation and consumer protection, Mr. Biden had his eye on pocketbook issues.

Persons: Biden, Donald J Organizations: Republicans, Trump, Biden, Internal Revenue Service

☆ A real-estate investor with a 311-unit portfolio breaks down the tax rule that's saved her hundreds of thousands of dollars — and even allowed her to claim a $167,000 check from the IRS
▼ + stars: | 2024-03-08 | by ( William Edwards | ) www.businessinsider.com time to read: +6 min

So when she heard about a particular tax strategy on a podcast about two years ago, it surprised her that she'd never come across it. Cost segregation. According to Rocket Mortgage, a cost segregation study takes about a month or two to complete. AdvertisementIt's also worth keeping in mind the rules around cost segregation from the Tax Cuts and Jobs Act of 2017. AdvertisementThen there's the cost of a cost segregation study.

Persons: Anne Curry, she's, hasn't, she'd, Curry, Bernard Reisz, you've, Reisz, It's, it's, —, there's, I'm, who's Organizations: Service, Rocket Mortgage, Internal Revenue Service, Business, CPA Locations: New York City

☆ The average tax refund is over $1,700—how Americans plan to spend it
▼ + stars: | 2024-03-06 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +1 min

The 2024 tax season is in full swing, with some Americans already seeing refund checks hit their mailboxes or bank accounts directly. And about 20% of taxpayers plan to use the cash for fun expenses like vacations, home improvements and retail splurges. There's some debate around whether it's actually a good thing to receive a tax refund versus adjusting your withholdings and receiving larger paychecks throughout the year. Similarly, if you do receive a tax refund, it's up to you to decide the best way to use it, from covering day-to-day expenses to saving for a future goal. The best way to use your tax refund

Persons: Bankrate, Gen, it's Organizations: Internal Revenue Service

☆ You could 'owe huge taxes' next year if you don't make this update, says CFP—how to check if you need to
▼ + stars: | 2024-03-05 | by ( Mike Winters | ) www.cnbc.com time to read: +3 min

If you contribute too little money, you might receive a sizable tax bill you weren't expecting when you file your taxes next year. Take adding dependents, for example: They can lower your tax bill by thousands of dollars if you claim credits like the child tax credit, the child and dependent care credit or the earned income tax credit. "Tax withheld on bonuses and stock compensation is typically — though not always — withheld at a flat 22% for federal taxes," says Carla Adams, a certified financial planner in Michigan. However, those in a higher tax bracket could owe huge taxes." How to check if your tax withholding is on track

Persons: it's, Roth, Michelle Gessner, Carla Adams Organizations: Internal Revenue Locations: Houston, Michigan

☆ The I.R.S.’s Taxpayer Experience Officer Says Open Your Mail Already
▼ + stars: | 2024-03-03 | by ( Ron Lieber | ) www.nytimes.com time to read: +1 min

Everyone else, the agency insists, is going to benefit from the $80 billion that the agency won via the Inflation Reduction Act, which was passed in 2022. appointed Ken Corbin as its first chief taxpayer experience officer. I went to the agency’s headquarters in Washington to find out, which was an experience unto itself. Once properly badged — with the words “Escort Only” in the largest font — I had an hour with Mr. Corbin. What follows is a condensed version, edited for clarity, of our conversation — and his advice for taxpayers like you and me.

Persons: Ken Corbin, Corbin Organizations: Internal Revenue Locations: Washington

☆ You might have extra time to file your tax return—here's who qualifies
▼ + stars: | 2024-02-29 | by ( Mike Winters | ) www.cnbc.com time to read: +3 min

For most Americans, the deadline to file your 2023 federal tax return is April 15. ConnecticutResidents affected by severe storms and flooding that began Jan. 10 now have until June 17, 2024 to file their federal tax returns. MaineResidents affected by severe storms and flooding that began on Dec. 17, 2023 now have until June 17, 2024 to file their federal tax returns. TennesseeResidents affected by severe storms and tornadoes that began on Dec. 9, 2023, now have until June 17, 2024 to file their federal tax returns. WashingtonResidents of Spokane County affected by wildfires that began Aug. 18, 2023, now have until June 17, 2024 to file their federal tax returns.

Persons: Dickson, Robertson, Stewart, Sumner Organizations: Internal Revenue Service, California Residents, Connecticut, Mohegan Tribal Nation, Pequot Tribal, Pequot Tribal Nation ., Tennessee Residents, Washington Residents, West, West Virginia Residents Locations: California, San Diego County, New London County, Pequot Tribal Nation, Pequot Tribal Nation . Maine, Androscoggin, Franklin, Hancock, Kennebec, Oxford, Penobscot, Piscataquis , Somerset, Waldo, Washington counties, Michigan, Eaton, Ingham, Ionia, Kent, Livingston, Macomb, Monroe, Oakland, Wayne counties, Rhode, Providence County, Cheatham, Davidson, Gibson, Montgomery, Weakley, Spokane, West Virginia, Boone , Calhoun, Clay, Harrison, Kanawha, United States, Puerto Rico

☆ These surprise sources of income could cost you during tax season
▼ + stars: | 2024-02-28 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +4 min

Investors are celebrating a year of easy-to-obtain interest income, but the Tax Man will want his slice this spring. Institutions report interest income of $10 or more to their customers and the Internal Revenue Service on Form 1099-INT . For instance, you can be on the hook for an accuracy-related penalty of 20% of the underpayment of the tax. Interest income from these I bonds is subject to federal income tax, but investors don't receive it until they redeem the bond or it matures. "It might be worth it to buy the MLP and pay the tax," Kearns said.

Persons: Elizabeth Buffardi, Buffardi, you'll, Jerrod Pearce, Adam Markowitz, Brian Kearns, Kearns Organizations: Internal Revenue Service, IRS, CPA, Creative Planning, Luminary, CFP, Haddam, Advisors, MLP Locations: Oak Brook , Illinois, Overland Park , Kansas, Windermere , Florida, Evanston , Illinois

☆ AI is Uncle Sam’s new secret weapon to fight fraud
▼ + stars: | 2024-02-28 | by ( Matt Egan | ) edition.cnn.com time to read: +5 min

Starting around late 2022, the Treasury Department began using enhanced fraud-detection methods powered by AI to spot fraud, CNN has learned. Treasury’s AI-powered fraud detection recovered $375 million in fiscal 2023 alone, Treasury officials tell CNN, marking the first time Treasury is publicly acknowledging it is using AI to detect fraud. Instead, Treasury officials say the type of AI they are using falls more into the bucket of machine learning and Big Data. The goal is to move with such speed that anomalies are flagged and banks are alerted before fraudulent checks are ever cashed, Treasury officials said. Catching fraud in millisecondsAmiram Shachar, co-founder and CEO of cloud security startup Upwind, told CNN the federal government should “absolutely” use AI to detect fraud.

Persons: Sam, Sam’s, Fraudsters, Wally Adeyemo, ”, ” Shachar, Steph Curry Organizations: New, New York CNN, Treasury Department, CNN, Treasury, Data, Washington, Office, Business Administration, Social, Internal Revenue Service, IRS, Google, Facebook, Penny Jar, NBA, Mastercard Locations: New York, Banks, Washington, Hong Kong

☆ You can now file your taxes directly to the IRS for free — if you live in 1 of these 12 states
▼ + stars: | 2024-02-28 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +3 min

The IRS' much-anticipated free tax filing software is now online. Direct File is in a pilot phase and available for "simple" tax returns for 2023. For now, the tool is limited to taxpayers who lived in one of 12 states last year. The much-anticipated Internal Revenue Service software — aptly named Direct File — opened as of Wednesday in a pilot phase ahead of its wider public launch in mid-March. While it's free to sign up, there is a catch: to file using the tool, taxpayers must have been a resident of one of 12 states for all of 2023 and not have income from any other state.

Persons: —, Taylor Swift, aren't Organizations: IRS, Service, Revenue Service, Arizona California Florida Massachusetts Nevada New Hampshire New, Account Locations: Arizona California Florida Massachusetts Nevada New Hampshire, Arizona California Florida Massachusetts Nevada New Hampshire New York South Dakota Tennessee Texas Washington Wyoming, Arizona , California , Massachusetts, New York

☆ The IRS wants to crack down on executives who use company private jets to go on vacation, and stop wealthy tax avoiders from 'flying under the radar'
▼ + stars: | 2024-02-23 | by ( Pete Syme | ) www.businessinsider.com time to read: 1 min

NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Executives who use their companies' private jets for personal travel will face a crackdown from the Internal Revenue Service. The audits will focus on large companies and high-income taxpayers, to check whether they're properly allocating between business and personal flights for tax purposes. This story is available exclusively to Business Insider subscribers.

Persons: — Organizations: Service, Internal Revenue, IRS, Business

☆ Tax evasion by millionaires and billionaires tops $150 billion a year, says IRS chief
▼ + stars: | 2024-02-22 | by ( Robert Frank | ) www.cnbc.com time to read: +3 min

The IRS, with billion of dollars in new funding from Congress, has launched a sweeping crackdown on wealthy taxpayers, partnerships and large companies. The Inflation Reduction Act gave the IRS an $80 billion infusion, yet congressional Republicans won a deal last year to take $20 billion of the funding back. The Treasury Department said last week it estimates greater IRS enforcement to result in an additional $561 billion in tax revenue between 2024 and 2034 — a higher projection than it had initially stated. The IRS is touting its early success with a program to collect unpaid taxes from millionaires. So far, the IRS has collected more than $480 billion from the group, "and we are still going," Werfel said.

Persons: Danny Werfel, Werfel, Ting Shen Organizations: Internal Revenue Service, IRS, CNBC, Congress, Republicans, Treasury Department, Bloomberg, Getty Locations: Washington , DC

☆ IRS zeroes in on corporate jet usage as it cracks down on wealthy tax cheats
▼ + stars: | 2024-02-21 | by ( Katie Lobosco | ) edition.cnn.com time to read: +4 min

“The IRS is using advanced analytics and resources from the Inflation Reduction Act to more closely examine this area,” IRS Commissioner Danny Werfel said on a call with reporters. So far, the IRS has used Inflation Reduction Act funds to help collect more than $482 million from 1,600 millionaires who had not paid their tax debts. Last month, to coincide with the start of tax filing season, the IRS launched its own free, direct tax filing service. How Republicans have targeted IRS fundingThe Inflation Reduction Act, which passed in 2022 without any Republican votes, approved about $80 billion for the IRS over a 10-year period. The House GOP later approved a bill to abolish the IRS altogether and replace the entire federal tax code with a national sales tax.

Persons: Biden, –, Danny Werfel, ” Organizations: Washington CNN, Internal Revenue Service, Democrat, IRS, Republicans, Republican, GOP

☆ 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

☆ Ford cuts prices of electric Mustang Mach-E by up to $8,100
▼ + stars: | 2024-02-20 | by ( ) www.cnbc.com time to read: +2 min

People visit Ford's all-electric SUV Mustang Mach-E at the 2019 Los Angeles Auto Show in Los Angeles, the United States, Nov. 22, 2019. Ford Motor Co on Tuesday said it had cut prices on its Mustang Mach-E electric SUV by up to $8,100 after sales fell sharply in January. The Dearborn, Michigan-based automaker said U.S. sales of the Mach-E fell by 51% in January to 1,295. Ford and other legacy automakers have slowed their EV push to instead focus on higher-margin hybrid and gas-powered models. Ford said in January it would reduce production of its F-150 Lightning pickup truck, cutting production at its Michigan Rouge Electric Vehicle Center to one shift starting April 1.

Persons: Ford, Elon Organizations: Angeles Auto, Ford Motor Co, . Treasury Department, Treasury, Reuters, Internal Revenue Service, Ford, Michigan Rouge Electric Vehicle Center Locations: Ford's, Los Angeles, United States, Dearborn , Michigan, China

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