{"id":1988867,"date":"2023-08-02T15:27:02","date_gmt":"2023-08-02T19:27:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/irs-plans-to-close-loophole-collect-tens-of-billions-dollars-in-additional-tax-revenue\/"},"modified":"2023-08-02T15:31:27","modified_gmt":"2023-08-02T19:31:27","slug":"irs-plans-to-close-loophole-collect-tens-of-billions-dollars-in-additional-tax-revenue","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/irs-plans-to-close-loophole-collect-tens-of-billions-dollars-in-additional-tax-revenue\/","title":{"rendered":"IRS to Close Loophole, Boost Tax Revenue by Billions"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">18<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Firs-plans-to-close-loophole-collect-tens-of-billions-dollars-in-additional-tax-revenue%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1988867&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>&#8220;Tax the Rich&#8221;: \u200bIRS Targets \u200cLarge Partnerships to Close Loopholes and Boost Revenue<\/h2>\n<p>The Internal Revenue Service (IRS)\u2062 is taking \u200baim\u200c at\u200d &#8220;large, complex partnerships&#8221; in an effort to <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/report-congressional-budget-office-contradicts-white-house-on-irs-expansion-bill\/\" title=\"Report: Congressional Budget Office Contradicts White House on IRS Expansion Bill\">collect billions<\/a> of additional tax dollars. This \u200bmove aligns with the controversial slogan &#8220;tax the rich,&#8221; which gained attention when New York Democratic Rep. Alexandria\u2062 Ocasio-Cortez wore it \u200con a dress\u2062 at the \u200d2021 Met\u200d Gala.<\/p>\n<p>The IRS&#8217;s focus on closing loopholes and cracking down on known tax evasion tactics could result in a\u2064 significant increase in revenue for\u200c the \u2064government. This recommendation comes from a report by\u200d the U.S. Government Accountability Office, which serves as the government&#8217;s internal watchdog.<\/p>\n<p>The report specifically suggests that the IRS prioritize audits of large\u2063 partnerships, which have seen a 600 \u200dpercent increase in numbers between 2002 and 2019. These partnerships,\u2064 defined as organizations\u2063 with over $100 \u200cmillion in\u200c assets and 100 or more partners, have been able to pass income and\u2064 losses onto their \u2064partners, avoiding corporate taxes.<\/p>\n<p>However, audits \u2064of these partnerships have\u200c significantly declined over the years. In 2019, out of\u2063 more than 20,000 such entities, only 54 were \u200bsubjected to additional \u200dIRS scrutiny. Even these limited audits\u200b have <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/irs-plans-to-close-loophole-collect-tens-of-billions-dollars-in-additional-tax-revenue\/\" title=\"IRS to Close Loophole, Boost Tax Revenue by Billions\">yielded minimal tax adjustments<\/a>, with \u2062more than \u200c80 percent resulting \u200bin no change to the return on \u200baverage.<\/p>\n<p>The \u2062complexity of these partnerships&#8217; structures has contributed to the decline in audits. They can be hidden within other partnerships, creating intricate \u200cnetworks \u2063that are challenging for \u2063auditors to navigate. Additionally, the\u200c IRS has cited <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/smashmouth-with-small-businesses-tax-reform-expert-blasts-bidens-call-for-87k-more-irs-workers\/\" title=\"\u2018Smashmouth With Small Businesses\u2019: Tax Reform Expert Blasts Biden\u2019s Call For 87K More IRS Workers\">resource constraints<\/a> as another obstacle to\u200b conducting thorough\u2063 audits.<\/p>\n<p>To address these challenges, the Inflation Reduction Act \u200dallocated $45.6 billion for \u2063enforcement activities through 2031. While this amount was slightly\u200d reduced in a <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-plans-call-with-house-speaker-mccarthy-sunday-on-debt-limit\/\" title=\"Biden to speak with House Speaker McCarthy on debt limit Sunday.\">recent budget deal<\/a>, the \u200dgovernment remains committed to making large partnerships an enforcement priority.<\/p>\n<p>Former IRS commissioner Charles Rettig estimates that\u2063 the &#8220;<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/sen-elizabeth-warren-introduces-bill-to-triple-irs-budget\/\" title=\"Sen. Elizabeth Warren introduces bill to triple IRS budget\">tax gap<\/a>&#8221; for these businesses, the amount owed but not\u2064 collected by the IRS, \u200ccould be as high\u2063 as $1 trillion for 2022. However, the Treasury Department has\u2064 pledged to \u2063hire experienced professionals to ramp up enforcement and ensure that wealthy individuals, large corporations, and big partnerships pay their fair share \u200bof taxes.<\/p>\n<p>The IRS&#8217;s efforts \u200dto \u200bclose loopholes and collect additional tax revenue are poised to have a significant impact \u2064on\u200b the nation&#8217;s finances. By targeting large partnerships and addressing the complexities and resource constraints that have hindered audits in the past, the government aims to ensure tax fairness and\u200c boost its coffers.<\/p>\n<p>Source: <a href=\"https:\/\/www.westernjournal.com\/irs-plans-close-loophole-collect-tens-billions-dollars-additional-tax-revenue\/\">The Western\u2062 Journal<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The IRS plans to focus on &#8220;taxing the rich&#8221; by targeting intricate partnerships. After Alexandria Ocasio-Cortez wore a dress with the slogan at the 2021 Met Gala, the phrase gained attention and mockery. It may now become the IRS&#8217;s new slogan.<\/p>\n","protected":false},"author":2022,"featured_media":1988868,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[548],"tags":[],"class_list":["post-1988867","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-conservative-news-daily"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1988867","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/2022"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1988867"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1988867\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1988868"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1988867"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1988867"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1988867"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}