Private foundations must donate 5 percent of their assets every year. Elon Musk’s enormous charity missed that standard for three consecutive years.
Category: Internal Revenue Service
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How Jensen Huang, CEO of Nvidia, Is Avoiding Billions in Taxes
The chief executive of Nvidia, Jensen Huang, has taken advantage of popular loopholes in the federal estate and gift taxes, which have quietly been eviscerated.
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Trump Picks Former Representative Billy Long to Lead I.R.S.
Billy Long served six terms as a representative from Missouri. Since then, he has helped businesses claim a pandemic-era tax credit that has been riddled with fraud and cost the government billions more than anticipated.
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Older Workers to Get ‘Super’ 401(k) Catch-Up Contributions in 2025
Workers who are 60 to 63 will be able to put in up to $11,250 in extra contributions, if they can afford it.
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Critics Fear Tax Subsidies for Carbon Capture Won’t Be Checked
Some activists are questioning whether the federal government can accurately verify a tax program for facilities that store planet-warming gases.
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A Corporate Minimum Tax Aimed at Closing ‘Loopholes’ Leaves Gaps
The Treasury Department estimates that a new law requiring big companies to pay a 15 percent tax will raise $250 billion from large corporations over the next 10 years.
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From Online Drug Lord to Crypto Entrepreneur, Blake Benthall Is Back in Business
After Blake Benthall was arrested for running Silk Road 2.0, the infamous illegal drug bazaar, things didn’t go the way you might expect.
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I.R.S. Crackdown on Delinquent Millionaires Yields $1 Billion
The beefed-up enforcement is part of the agency’s modernization initiative aimed at improving customer service and catching wealthy tax evaders.
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I.R.S. Extends Freeze of Pandemic-Era Tax Credit Amid Widespread Fraud
An internal analysis conducted by the agency found that up to 90 percent of claims are potentially fraudulent.
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First a Victim of Tax Return Identity Theft, Then a 2-Year Wait for a Refund
The I.R.S.’s Taxpayer Advocate Service found that many of those affected were lower-income people who depended on refunds to cover living costs. The wait is “ridiculous,” the head of the service said.
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I.R.S. Failed to Police Puerto Rico Tax Break, Whistle-Blower Says
An insider accused the agency of failing to scrutinize a lucrative tax break in Puerto Rico designed to lure wealthy Americans to the island.