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Victims of 'Pig Butchering' Scams Face Challenges in Proving Theft for Tax Deductions

Victims of 'Pig Butchering' Scams Face Challenges in Proving Theft for Tax Deductions

Victims of 'pig butchering' scams, a type of fraud involving fake cryptocurrency investments, are facing difficulties in claiming theft loss deductions under state criminal law. These scams involve building trust with victims over time, leading them to invest in fraudulent platforms that show fake returns. The IRS has acknowledged that such losses can qualify for theft deductions if certain criteria are met, but victims must prove the scammer's intent to defraud from the outset. This requirement varies by state, with different legal standards affecting the ability to claim deductions.
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Senate Democrats Investigate Alleged Political Interference in IRS Audits

Senate Democrats Investigate Alleged Political Interference in IRS Audits

Senate Democrats have requested an investigation into potential political interference in IRS tax audits by the Trump administration. The inquiry follows reports that Kenneth Kies, a top IRS official, was ousted after refusing to comply with White House demands related to tax audits. The senators, led by Chuck Schumer and Ron Wyden, have expressed concerns about violations of federal laws that prohibit political influence over tax audits. They have asked the Treasury Inspector General for Tax Administration to investigate the matter.
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IRS Seeks Internal Revenue Agents Amidst Evolving Tax Compliance Needs

IRS Seeks Internal Revenue Agents Amidst Evolving Tax Compliance Needs

The Internal Revenue Service (IRS) is actively recruiting Internal Revenue Agents to enhance its capacity in enforcing tax compliance, particularly under the Bank Secrecy Act. The position requires candidates to have a background in accounting or auditing, with specific qualifications including a CPA certification or equivalent education and experience. The role involves examining tax returns, interpreting tax laws, and ensuring compliance with federal tax regulations. The IRS emphasizes the importance of maintaining public trust and upholding the rule of law, as well as the need for candidates to engage actively with supervisors during the probationary period.
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Spain's World Cup Victory Faces U.S. 'Jock Tax' Implications

Spain's World Cup Victory Faces U.S. 'Jock Tax' Implications

Spain's World Cup Victory Faces U.S. 'Jock Tax' Implications
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Democrats urge IRS watchdog to find out why a top lawyer who clashed with White House left his job

Democrats urge IRS watchdog to find out why a top lawyer who clashed with White House left his job

Senate Democrats want a watchdog at the Internal Revenue Service to investigate the recent departure of a high-ranking IRS attorney who clashed with President Donald Trump's White House after the attorney raised concerns about influence over taxpayer audits
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IRS and Treasury Officials Address ETF Tax Strategies Amid Concerns

IRS and Treasury Officials Address ETF Tax Strategies Amid Concerns

IRS and Treasury Officials Address ETF Tax Strategies Amid Concerns
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Tax Policy and Reparations: Addressing Economic Inequality and Historical Injustices

Tax Policy and Reparations: Addressing Economic Inequality and Historical Injustices

The article discusses the intersection of tax policy and reparations as a means to address economic inequality and historical injustices in the United States. It highlights the story of Nicole Pesco, who reflects on her family's business success, which was facilitated by access to capital and favorable tax policies, opportunities often denied to Black entrepreneurs. Pesco argues that while fair taxation is crucial to addressing current economic disparities, it is not sufficient without reparations to address the historical harms inflicted on Black communities. The article emphasizes that reparations involve acknowledging past injustices and taking concrete steps to make amends, beyond mere financial compensation.
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IRS Scrutiny on Conservation Easements: Impact on Landowners and Tax Incentives

IRS Scrutiny on Conservation Easements: Impact on Landowners and Tax Incentives

IRS Scrutiny on Conservation Easements: Impact on Landowners and Tax Incentives
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House Republicans Push for Greater Transparency in Tax-Exempt Sector

House Republicans Push for Greater Transparency in Tax-Exempt Sector

House Republicans are advancing legislation aimed at increasing transparency in the tax-exempt sector by requiring disclosures of foreign funding sources. The House Ways and Means Committee held a hearing to discuss several bills, including the American Donor Privacy and Foreign Funding Transparency Act, which mandates tax-exempt organizations to report foreign donations. The legislation seeks to prevent foreign nationals from using tax-exempt entities to influence U.S. politics. Additionally, the bills aim to protect religious organizations from losing their tax-exempt status based on their beliefs, ensuring that faith-based groups can operate without fear of discrimination.
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Senate Democrats Demand Investigation into Alleged Trump Administration Interference with IRS Audits

Senate Democrats Demand Investigation into Alleged Trump Administration Interference with IRS Audits

Senate Democrats have called for an investigation into potential interference by Trump administration officials in Internal Revenue Service (IRS) audits. A letter from Senate Finance Committee Democrats and Senate Democratic Leader Chuck Schumer to the Treasury Inspector General for Tax Administration (TIGTA) highlights concerns about the independence of the IRS. The lawmakers are particularly focused on allegations that Kenneth Kies, a senior Treasury Department and IRS official, was forced out after raising concerns about political influence over tax audits. Kies, who served as the IRS's Acting Chief Counsel, was reportedly involved in advising on legal matters related to tax audits. The Democrats' letter suggests that if these allegations are true, it would be concerning that the administration ignored legal advice and removed Kies for attempting to uphold the law.
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IRS rule hits scam victims with a 2nd costly blow

IRS rule hits scam victims with a 2nd costly blow

For some scam victims, the financial damage does not end with the money lost — tax consequences can create an additional burden on funds they never recovered. That is the reality facing a growing number of fraud victims who discover, after reporting the crime, that the tax code denies them relief. ...
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Amgen settles shareholder lawsuit claiming it hid $10.7 billion tax bill

Amgen settles shareholder lawsuit claiming it hid $10.7 billion tax bill

By Jonathan Stempel NEW YORK, July 21 (Reuters) - Amgen reached a $74 million settlement of a lawsuit accusing the biotechnology company of waiting too long to disclose that it might owe the Internal Revenue Service $10.7 billion for underreporting six years of taxes.