The Senate Finance Committee on Thursday published the results of a two-year investigation showing that the scandal-plagued Swiss bank Credit Suisse has been complicit in a “massive, ongoing conspiracy” to help wealthy U.S. citizens dodge taxes. Spearheaded by Sen. Ron Wyden (D-Ore.), the chair of the Senate panel, the probe found that Credit Suisse violated the terms of a 2014 plea agreement with… Source Source / Read More: Credit Suisse Helped Ultra Rich Americans Hide Over $700 Million From IRS
IRS
How the Wealthy Are Saving Billions in Taxes by Skirting a Century-Old Law
This story was originally published by ProPublica. At first glance, July 24, 2015, seems to have been a brutal trading day for Steve Ballmer, the former Microsoft CEO. He dumped hundreds of stocks, losing at least $28 million. But this was no panicked sell-off. Among the stocks Ballmer sold were those of the Australian mining company BHP and the global oil giant Shell. Had Ballmer lost confidence… Source Source / Read More: How the Wealthy Are Saving Billions in Taxes by Skirting a Century-Old Law
Black Taxpayers Are at Least 3 Times More Likely to Face Audits
Black taxpayers are much more likely to face an audit by federal authorities than non-Black Americans — and the underfunding of the Internal Revenue Service (IRS) could be playing a significant role in driving that disparity, new research reveals. A new study of IRS data published by the Stanford Institute for Economic Policy Research finds that Black taxpayers are audited at a rate three to five… Source Source / Read More: Black Taxpayers Are at Least 3 Times More Likely to Face Audits
Watchdog Calls for Investigation Into IRS Over Repeated Failure to Audit Trump
A government watchdog group has filed a complaint calling for an investigation into the Internal Revenue Service (IRS) after the long-awaited release of former President Donald Trump’s tax returns revealed that the agency had failed to conduct a full presidential audit of Trump while he was in office. Citizens for Responsibility and Ethics in Washington (CREW) wrote in a complaint filed this week… Source Source / Read More: Watchdog Calls for Investigation Into IRS Over Repeated Failure to Audit Trump