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.
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.
A big-screen adaptation of the anime âChainsaw Manâ has topped the North American box office, beating a Springsteen biopic and âBlack Phone 2.â The movie earned $17.25 million in the U.S. and Canada this weekend. âBlack Phone 2â fell to second place with $13 million. Two new releases, the rom-com âRegretting Youâ and âSpringsteen â Deliver Me From Nowhere,â earned $12.85 million and $9.1 million, respectively. âChainsaw Man â The Movie: Reze Arcâ is based on the manga series about a demon hunter. It's another win for Sony-owned Crunchyroll, which also released a âDemon Slayerâ film last month that debuted to a record $70 million.
The Federal Aviation Administration says flights departing for Los Angeles International Airport were halted briefly due to a staffing shortage at a Southern California air traffic facility. The FAA issued a temporary ground stop at one of the worldâs busiest airports on Sunday morning soon after U.S. Transportation Secretary Sean Duffy predicted that travelers would see more flights delayed as the nationâs air traffic controllers work without pay during the federal government shutdown. The hold on planes taking off for LAX lasted an hour and 45 minutes and didn't appear to cause continued problems. The FAA said staffing shortages also delayed planes headed to Washington, Chicago and Newark, New Jersey on Sunday.
Boeing workers at three Midwest plants where military aircraft and weapons are developed have voted to reject the companyâs latest contract offer and to continue a strike that started almost three months ago. The strike by about 3,200 machinists at the plants in the Missouri cities of St. Louis and St. Charles, and in Mascoutah, Illinois, is smaller in scale than a walkout last year by 33,000 Boeing workers who assemble commercial jetliners. The president of the International Association of Machinists says Sunday's outcome shows Boeing hasn't adequately addressed wages and retirement benefits. Boeing says Sunday's vote was close with 51% of union members opposing the revised offer.
