The tax agency is auditing fewer individual taxpayers not because we're more honest, but because the IRS is working with fewer employees. The agency's workforce has dropped from 94,000 workers in 2010 to roughly 78,000 in the most recent fiscal year, according to IRS data.
With fewer agents available to perform audits, the agency's audit rate has been whittled to 0.45% of individual returns in fiscal 2019, the IRS said recently. That compares with an audit rate of 0.9% in the fiscal 2014.
Check out this next:
Global digital tax talks to move forward | TheHill
A group of 137 countries and jurisdictions agreed to move ahead with negotiations to address tax challenges of the digital economy, according to a statement released Friday by the Organization for Economic Cooperation and Development (OECD).
The countries "affirm their commitment to reach an agreement on a consensus-based solution by the end of 2020," the statement said. The statement followed talks among the countries this week in Paris that were overseen by the OECD.
Village to schools: Give us the taxes | News, Sports, Jobs - The Vindicator
LORDSTOWN — Village officials are asking the Lordstown Board of Education to waive receiving income tax from any tax abatement request by General Motors for a proposed battery plant in the village.
Mayor Arno Hill and members of village council met Thursday with school district Superintendent Terry Armstrong and board members about what could be taking place in a few weeks with the company.
“We are trying to lay the ground work to get the battery plant here. Time is of the essence. We do not have the official abatement request yet, but we have had dialogue due to the fact the state took the personal property tax away from the schools,” Hill said.
Taxes on Global Dividend Stocks Can Be Tricky - Barron's
U.S. investors can find higher dividend yields in many overseas companies, but they come with tax ramifications that are different from domestic issues.
Foreign companies withhold some of the cash owed to U.S. investors to pay taxes on those dividends.
The withholding rates vary, and a few countries, including the United Kingdom, don't impose one. Also, thanks to various international tax treaties that the U.S. is party to, the effective withholding tax rate is 15% in Germany, Canada, France, Switzerland, and Australia, according to MSCI and the U.S. Internal Revenue Service. It's 10% in Japan. The withholding applies to American depositary receipts and local shares.
Quite a lot has been going on:
8 Myths About The Earned Income Tax Credit (EITC) At Tax Time
"The EITC is a vital tax credit that helps millions of hard-working working families around the nation," said IRS Commissioner Chuck Rettig. "It's critical that people review the credit to see if they qualify. Increasing awareness about the EITC is important, and the IRS is proud to support the ongoing efforts by partner groups across the country for sharing this critical information with taxpayers."
There's a lot of confusion surrounding the EITC. To help clear it up, here are eight myths about the EITC:
Income tax cut by Nirmala Sitharaman in Budget 2020 won't help — Quartz India
As Nirmala Sitharaman prepares to present Budget 2020, India's taxpayers are high on hope that the finance minister will announce personal income tax sops.
Taxpayers are expecting some financial relief , especially since Sitharaman was generous in extending tax breaks to the corporate sector in September last year. At the time, the reasoning was that corporates would channel the taxes saved—the government had forgone Rs1.45 lakh crore ($20 billion) in revenues—into creating more jobs.
Property taxes set to rise after failed veto override
ANCHORAGE (KTUU) Property evaluations in Anchorage went out in mid January, and while values stayed roughly the same, something else might lead to a jump in property taxes for Anchorage residents: the Legislature's failure to override Governor Dunleavy's veto of school bond debt reimbursement.
The veto shifts school bond debt historically covered by the state onto local governments around Alaska, including roughly $21 million onto Anchorage.
Battle Lines Quickly Form Over Radical Property Tax Proposal - The New York Times
On a stretch of 11th Street in Park Slope, Brooklyn, two houses — one a modest two-family, and the other a three-bedroom clapboard home — could be Exhibits A and B in why New York City is now considering a sweeping proposal to overhaul its property tax system.
The homes are each worth roughly $1.75 million, but the combined property tax bill is slightly under $9,000 — far less than homes of comparable value in less gentrified parts of New York, like the Bronx or Staten Island.
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