SmartBiz News:

https://finance.yahoo.com/news/2024-irs-tax-reporting-rule-090843929.html

https://www.irs.gov/newsroom/irs-new-voluntary-disclosure-program-lets-employers-who-received-questionable-employee-retention-credits-pay-them-back-at-discounted-rate-interested-taxpayers-must-apply-by-march-22

https://www.irs.gov/taxtopics/tc313

https://www.irs.gov/newsroom/irs-advances-innovative-direct-file-project-for-2024-tax-season-free-irs-run-pilot-option-projected-to-be-available-for-eligible-taxpayers-in-13-states

https://www.irs.gov/newsroom/irs-reminds-those-with-no-filing-requirement-about-irs-free-file-get-overlooked-tax-credits-and-refunds

https://www.cnbc.com/2023/09/12/irs-plan-to-use-ai-may-affect-wealthy-taxpayers-heres-how.html

https://www.irs.gov/about-irs/irs-inflation-reduction-act-strategic-operating-plan

https://www.irs.gov/newsroom/most-popular-seminars-at-the-2023-irs-nationwide-tax-forums-now-available-online

https://www.irs.gov/newsroom/irs-sets-january-23-as-official-start-to-2023-tax-filing-season-more-help-available-for-taxpayers-this-year

https://insights.som.yale.edu/insights/how-property-tax-foreclosure-accelerates-gentrification-and-magnifies-the-racial-wealth

https://www.zerohedge.com/personal-finance/irs-says-some-people-can-still-get-covid-stimulus-cash-heres-how

https://www.irs.gov/instructions/i1099mec

According to a report by the Institute on Taxation and Economic Policy, in 2018, 60 of the largest corporations in the United States paid no federal income tax on a total of $79 billion in profits. This was made possible by various tax breaks and loopholes in the tax code. The Tax Cuts and Jobs Act further lowered the corporate tax rate from 35% to 21%, potentially increasing the number of corporations that pay little or no federal income tax.

The concept of income tax has been around for centuries, with evidence of its existence dating back to ancient civilizations like Egypt and Mesopotamia. The world's first income tax was implemented in ancient Egypt, around 3000 B.C., to fund public works projects.

The longest tax return ever filed by an individual was 75 feet long and had more than 4,000 pages of supporting documentation. The highest personal income tax rate in the world is in Aruba, where individuals may face a tax rate of up to 59%. The shortest tax return ever filed contained only two characters: "EZ" (short for the 1040EZ form used by individuals with simple tax situations).

The term "tax" comes from the Latin word "taxo," which means "I estimate" or "I assess." In Swiss the word "tax" means Dachshund 😊  In some countries, including Sweden and Denmark, income tax returns are publicly available for everyone to see.

In 2019, the top 1% of taxpayers in the United States paid more in federal income taxes than the bottom 90% combined. The top 1% paid an average of $2.5 million in federal income taxes, while the bottom 90% paid an average of $1,200.

The United States has one of the highest corporate tax rates in the world, but due to various deductions and loopholes, many corporations end up paying much less than the official rate. In fact, some large corporations pay no federal income tax at all.