Reported about 1 year ago
The IRS plans to close a loophole used by large partnerships to avoid taxes, potentially raising over $50 billion in the next decade. The loophole involves moving income through legal entities to claim tax breaks, causing the IRS to lose significant revenue. Recent audits have shown widespread abuse of this tactic, prompting the IRS to take action. Treasury Secretary Janet Yellen connects this effort to the Biden administration's broader goals of reducing tax evasion by the wealthy and corporations.
Source: YAHOO