A sign is displayed outside the Internal Revenue Service building May 4, 2021, in Washington. (AP Photo/Patrick Semansky, File)
The IRS plans to go after 125,000 high-income earners who did not file tax returns going back to 2017 â and the agency says hundreds of millions of dollars of unpaid taxes are involved in these cases.
Beginning this week, the IRS will start sending out noncompliance letters to more than 25,000 people who earn more than $1 million per year and 100,000 people with incomes between $400,000 and $1 million who failed to pay their taxes between 2017 and 2021.
The campaign announced Thursday is part of the agencyâs ongoing effort to pursue high wealth tax cheats â mandated in part by funding provided through Democratsâ Inflation Reduction Act passed into law in 2022 and a directive from Treasury Secretary Janet Yellen to IRS leadership not to increase audit rates on people making less than $400,000 a year annually.
âWhen people donât file a tax return theyâre required to, itâs not fair to those hardworking taxpayers who responsibly do their civic duty under the laws of our nation,â IRS Commissioner Daniel Werfel told reporters Thursday morning.
President Donald Trump said he has decided to lower his combined tariff rates on imports of Chinese goods to 47% after talks with Chinese leader Xi Jinping on curbing fentanyl trafficking.
Universal Music Group and AI platform Udio have settled a copyright lawsuit and will collaborate on a new music creation and streaming platform. The companies announced on Wednesday that they reached a compensatory legal settlement and new licensing agreements. These agreements aim to provide more revenue opportunities for Universal's artists and songwriters. The rise of AI song generation tools like Udio has disrupted the music streaming industry, leading to accusations from record labels. This deal marks the first since Universal and others sued Udio and Suno last year. Financial terms of the settlement weren't disclosed.
Nvidia on Wednesday became the first public company to reach a market capitalization of $5 trillion. The ravenous appetite for the Silicon Valley companyâs chips is the main reason that the companyâs stock price has increased so rapidly since early 2023.
Chris Williamson, Chief Business Economist at S&P Global, breaks down Septemberâs CPI print and inflation trends, explaining what it means for markets.
