IRS

A Credit Suisse unit pleaded guilty to conspiring to help its customers hide more than $4 billion from the Internal Revenue Service in at least 475 offshore accounts.

Elon Musk's X is urging the justices to shield companies from being forced to disclose sensitive user financial data under "suspicionless" subpoenas.

The Internal Revenue Service has placed 50 senior IT leaders on administrative leave, as the union filed suit over a Trump order on collective bargaining.

The Internal Revenue Service's Criminal Investigation unit has a new initiative for engaging with financial institutions to uncover tax and financial fraud.

The Treasury named a pair of IRS agents as special advisors to Treasury Secretary Scott Bessent, and plans key roles for them at the IRS.

Many layoffs so far have been in the Small Business/Self-Employed Division, but the Large Business & International Division has also been affected.

The IRS would give a temporary detail to provide software engineering expertise to a special advisor to the director at the Office of Personnel Management.

The agency plans to restrict access to a system that provides borrower tax returns to mortgage lenders beginning June 30. Left out of the loop, small-business lenders say getting credit to borrowers will become more difficult as a result.

The Justice Department is investigating whether Credit Suisse Group continued to help U.S. clients hide assets from authorities, eight years after the bank paid a $2.6 billion tax-evasion settlement and pledged to tackle the issue. 

The Biden administration is poised to specify which cryptocurrency firms will be forced to report reams of customer data to the Internal Revenue Service, said people familiar with the matter.

Fearing government intrusion, financial institutions’ own clients rallied against the Biden administration plan for their account information to be shared with the IRS. Their involvement added weight to the industry’s opposition.

A proposal that would enlist financial institutions’ help in raising tax revenue to pay for President Biden’s social policy agenda lost steam after objections from a key senator. The administration was said to be narrowing the plan’s scope to preserve its chances.

Sen. Joe Manchin of West Virginia, a swing Democratic vote in deliberations over President Biden's social spending bill, signaled opposition to requiring financial institutions to report customer account information to help catch tax evaders. The measure "is going to be gone," he predicted.

In their first direct appeal to President Biden, financial institutions and other industries' trade lobbies called on the administration to abandon its proposal that would give the Internal Revenue Service new information on customer accounts.

Democrats proposed raising the account threshold and exempting certain transactions from a measure enlisting financial institutions’ help in catching tax cheats. But opponents say the changes are insufficient and centrist lawmakers — whose support is crucial to enact the plan — were mum.

A House member suggested she and other party moderates are open to revamping or even scrapping a plan that would require banks to report customer account information to the Internal Revenue Service.

Banks and other stakeholders are trying to stop a proposal requiring financial institutions to submit more account data, but the Biden administration says opponents of the measure are spreading the false notion that it would reveal information about specific transactions.

The financial sector had been outraged over a Senate proposal requiring data submissions for accounts with at least $600 of inflows and outflows. House leaders are aiming to raise that threshold to broaden support, but industry groups say they still oppose the idea.