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Articles by Charles Rettig
Opportunity Knocks: Resolving Tax Issues in the Current IRS Environment
Decades of underfunding and hiring freezes have thoroughly depleted the operations of the Internal Revenue Service, adversely impacting virtually every internal and external function. Recent and forthcoming reductions to the IRS have so severely hampered its ability to enforce tax laws to the point that the IRS and taxpayers must reevaluate long-standing norms about how tax compliance works.
Clean Energy Credits Must Not Become IRS Targets Under Trump Law Original
President Donald Trump’s signature tax-and-spending package, signed July 4, combined with a recent executive order, suggest that the new administration will make green energy tax incentives an enforcement priority. The legislative package eliminates or greatly curtails many of the tax provisions that former President Joe Biden used to incentivize green energy.
Turnover on downs: The IRS’s rejection of NIL collectives as tax-exempt entities
The Supreme Court’s decision in National Collegiate Athletic Association v. Alston ushered in a new era of college athletics in which student athletes could be compensated. In response, the NCAA added rules permitting student athletes to profit off their name, image and likeness. Boosters rushed to establish “collectives” allowing fan bases to pool funds to pay student athletes for using their NIL. Collectives aim to maximize their capability to compensate athletes.
Don't Put Core IRS Services at Risk in the Name of 'Efficiency' Original
An experienced IRS workforce is experiencing large-scale firings of newly hired or recently promoted probationary employees, threats of mass layoffs, and the likely closure of hundreds of facilities—all in the name of government efficiency. Almost 5,000 employees reportedly accepted DOGE’s “fork-in-the-road” deferred resignation buyout.
Trump just fired 6,700 I.R.S. workers in the middle of tax season. That's a huge mistake.
If you were to ask the top chief executives in the world to name the best strategy to attack waste in their organizations and balance the books, there is one answer you would be very, very unlikely to hear: Take an ax to accounts receivable, the part of an organization responsible for collecting revenue.
Gutting the I.R.S. Is the Opposite of Fiscal Responsibility Original
If you were to ask the top chief executives in the world to name the best strategy to attack waste in their organizations and balance the books, there is one answer you would be very, very unlikely to hear: Take an ax to accounts receivable, the part of an organization responsible for collecting revenue.
Congress Must Preserve Extra IRS Funding to Put America First Original
Some members of Congress are pushing to rescind an additional $20 billion of the nearly $80 billion Congress gave the IRS in supplemental modernization funding two years ago. This would be a mistake, because our country’s future depends in part on a fully functioning, successful IRS. In fiscal year 2023, the agency raised about $5.1 trillion—approximately 95% of the US government’s gross revenue.
AI tax fraud will be a nightmare this year; creative thinking is needed to thwart it Original
As a former IRS Commissioner, I am concerned for today’s IRS leaders and taxpayers during this year’s tax season. Since my departure from the service less than two years ago, artificial intelligence has launched threats of fraud and theft against taxpayers on a scale previously unimaginable. The threats are real, imminent, and ongoing. The pace of innovation is testing government operations and legacy IT platforms more than ever before.
AI tax fraud will be a nightmare this year; creative thinking is needed to thwart it
Artificial Intelligence 11 hours ago Microsoft and Google are proud AI is helping you (other companies not so much) ZDNET - Chris Matyszczyk • 11h Will every company tell you their products are boosted by AI? Perhaps not so readily. Why might that be? You're likely still in some state of recovery … Space 7 hours ago Video New images of Earth from Odysseus ABC News • 7h The lunar lander Odysseus, from Intuitive Machines, captured stunning new images of Earth during its journey to the moon.
IRS Digital Assets Plan Would Be a Setback for Taxpayer Services Original
Proposed IRS tax reporting rules for digital assets are antithetical to the agency’s mission to provide quality taxpayer services for all Americans and enforce tax laws fairly and efficiently. It’s important that US tax rules are updated to fairly capture new innovations in finance—and cryptocurrency is no exception.
IRS Must Stay Fully Staffed in a Shutdown to Avoid Taxpayer Harm Original
The American Institute of Certified Public Accountants got it right. The Office of Management and Budget’s guidance didn’t. This week, the AICPA sent a letter to IRS and the Treasury Department, copied to all members of Congress, supporting using funds from the Inflation Reduction Act to allow the IRS to continue helping taxpayers and tax professionals during a government shutdown. A continuing resolution currently keeping the government open expires on Feb. 2, 2024.
IRS’s Use of AI Shows How New Funding Can Catch Old Tax Evaders Original
Funding from the Inflation Reduction Act is allowing the IRS to make a significant investment in its technological and human resources—an opportunity that’s been largely absent for more than a decade. The latest initiative builds on years of efforts to improve tax administration benefiting every American.
IRS’s Use of AI Shows How New Funding Can Catch Old Tax Evaders
Funding from the Inflation Reduction Act is allowing the IRS to make a significant investment in its technological and human resources—an opportunity that’s been largely absent for more than a decade. The latest initiative builds on years of efforts to improve tax administration benefiting every American.
No One Deserves a Fully Functioning and Funded IRS More Than You Original
Tourists stand by an American flag near the GE-Alstom Block Island Wind Farm in the water off Block Island, R.I., on Sept, 14, 2016. Photographer: Eric Thayer/Bloomberg via Getty Images Opinion Feb. 14, 2023, 9:45 AM The IRS has long struggled to secure enough resources to ensure tax laws are enforced fairly and Americans get the level and quality of service they deserve.
IRS sets the record straight: We’re going after tax evaders, not honest Americans
This is an op-ed from Charles P. Rettig, the 49th Commissioner of the IRS. As the nation’s tax administrator, the IRS plays a unique role in our nation. It can be a difficult job. After all, does anyone really like paying taxes? Of course not. But they’re essential to fund the roads we drive on, the schools our children attend, support our military and so much more.
IRS Chief: We're facing enormous challenges this tax filing season
As the IRS begins this tax season, it continues to face enormous challenges. Our dedicated workforce has done everything it can to prepare for filing day on April 18. Our immediate focus is simplifying the taxpayer’s filing experience by streamlining the process, answering as many questions as possible and reducing our historic inventories.
IRS Chief: We're facing enormous challenges this tax filing ...
(MENAFN- Caribbean News Global) By Charles P. Rettig As the IRS begins this tax season, it continues to face enormous challenges. Our dedicated workforce has done everything it can to prepare for filing day on April 18. Our immediate focus is simplifying the taxpayer's filing experience by streamlining the process, answering as many questions as possible and reducing our historic inventories.
IRS Chief: We're facing enormous challenges this tax filing season
As the IRS begins this tax season, it continues to face enormous challenges. Our dedicated workforce has done everything it can to prepare for filing day on April 18. Our immediate focus is simplifying the taxpayer’s filing experience by streamlining the process, answering as many questions as possible and reducing our historic inventories.
We desperately need resources so the agency can serve you an...
(MENAFN- Caribbean News Global) By Charles P. Rettig Over the past decade, the IRS budget has been decimated. Today's historically low level of funding means that the agency is not equipped to provide the American people the service they deserve or to fully enforce the tax laws against those who evade them. This should be recognized as the crisis it is.
IRS Commissioner begs Congress for billions in funding to chase down rich tax evaders
WASHINGTON – The Washington Post published an op-ed by Commissioner of the Internal Revenue Service, Charles P. Rettig. In the piece, Commissioner Rettig urges Congress to enact the administration’s proposal to provide the IRS with $80 billion in vital funding over the next decade. Commissioner Rettig notes: “The Administration estimates $400 billion in additional revenue can be generated over the next decade from enforcement efforts focused on higher-end incomes, shrinking the tax gap.
IRS commissioner: We desperately need resources so the agency can serve you and our country
A stimulus check issued by the IRS in January. (AP Photo/Eric Gay, File) Charles P. Rettig is the 49th commissioner of the Internal Revenue Service. He was appointed in 2018 after nearly four decades as an attorney specializing in tax law. Over the past decade, the IRS budget has been decimated. Today's historically low level of funding means that the agency is not equipped to provide the American people the service they deserve or to fully enforce the tax laws against those who evade them.
The association between dry needling-induced twitch response and change in pain and muscle function in patients with low back pain: a quasi-experimental study
Abstract Objective To investigate the relationship between dry needling-induced twitch response and change in pain, disability, nociceptive sensitivity, and lumbar multifidus muscle function, in patients with low back pain (LBP). Design Quasi-experimental study. Setting Department of Defense Academic Institution. Participants Sixty-six patients with mechanical LBP (38 men, 28 women, age: 41.3 [9.2] years).
The Panama Papers And Lessons Learned From Years Of Offshore Leaks
For those linked to the Panama Papers, there are likely a thousand explanations . . . and for some, sleepless nights ahead.
Where's My Tax Refund?
IRS has released another Tax Time Guide, sixth in a series of tips, reminding individuals that they can check the status of their tax returns and refunds through "Where's My Refund?" which is available at IRS.gov or on the smartphone application IRS2Go.
No Ordinary Audit: Donald Trump Is Facing The IRS 'Wealth Squad'
This article is more than 6 years old. When pressed about releasing his individual tax returns during the recent GOP debate, Donald Trump said he wouldn't release them until the IRS finishes its audit. "You're in the midst of negotiating and talking to the IRS," Trump stated. "Your lawyers would never allow you to do that." Is there any legal impediment to Trump publicly releasing his tax returns? Absolutely not.
Reminder: FBAR Electronic Filing Due By June 30, 2015
U.S. persons having a financial interest in or signature authority over one or more foreign financial accounts – including a bank account, brokerage account, mutual fund, trust, estate, pension, cash-value life insurance or other type of foreign financial account – having an aggregate value exceeding $10,000 at any time during 2014 are generally required by the Bank Secrecy Act to report their interest in the account by electronically filing by June 30, 2015 using FinCEN Form 114, ”Report of...
New IRS Guidance Limits FBAR Penalties
U.S. persons having a financial interest in or signature authority over one or more foreign financial accounts, having an aggregate value exceeding $10,000 at any time during 2014 are generally required by the Bank Secrecy Act to report their interest in the account by electronically filing by June 30, 2015, a “Report of Foreign Bank and Financial Accounts” (FBAR).[i] Such accounts include bank accounts, brokerage accounts, direct ownership of foreign mutual funds, foreign-issued cash-value...
Clinton Foundation To File Amended Returns, Should You?
The Clinton Foundation recently announced that it will be amending various previously filed annual information returns to, at least in part, reflect donations on a specific, rather than consolidated, basis.[1] IRS Form 990, “Return of Organization Exempt From Income Tax,” is an annual information return filed by organizations exempt from income tax under Internal Revenue Code section 501(a) and 501(c)(3).
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