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The IRS is cracking down on a tax loophole for the rich. The effort could raise $50 billion.
The IRS could raise more than $50 billion in revenue over the next decade by ending a major tax loophole for wealthy taxpayers, the U.S. Treasury Department said Monday.
The guidance and ruling being announced Monday includes plans to essentially stop “partnership basis shifting” — a process by which a business or person can move assets among a series of related parties to avoid paying taxes. The Treasury Department described the technique as “abusive,” with no other economic benefit than avoiding taxation.
The push to eliminate the loophole comes amid a push from the IRS to increase its audits of wealthy tax cheats in an effort to boost revenue. About $80 billion in new funding was directed to the tax agency by the Inflation Reduction Act, which was signed into law in 2022 by President Joe Biden, and officials on Monday said that the additional money has enabled increased oversight and greater awareness of the practice of basis shifting.
Biden administration officials said after evaluating the practice that there are no economic grounds for these transactions, with Deputy Treasury Secretary Wally Adeyemo calling it “really just a shell game.”
“These tax shelters allow wealthy taxpayers to avoid paying what they owe,” IRS commissioner Danny Werfel said.
Boost in IRS audits
Due to previous years of underfunding, the IRS had cut back on the auditing of wealthy individuals and the shifting of assets among partnerships and companies became common.
The IRS says filings for large pass-through businesses used for the type of tax avoidance in the guidance increased 70% from 174,100 in 2010 to 297,400 in 2019. However, audit rates for these businesses fell from 3.8% to 0.1% in the same time frame.
Treasury said in a statement announcing the new guidance that there is an estimated $160 billion gap between what the top 1% of earners likely owe in taxes and what they pay.
Monday’s announcement is part of the IRS’s ongoing effort to zero in on high-wealth tax cheats who manipulate the tax code or don’t pay their taxes at all.
The IRS has said it plans to sharply increase audits over the next three tax years, although the agency has reiterated it won’t boost enforcement for people who earn less than $400,000 annually — which covers the bulk of U.S. taxpayers. Instead, it plans to increase the audit rates for wealthy individuals with incomes of more than $10 million to 16.5%, up from 11% in 2019.
Other initiatives announced in the past year have included pursuing people and businesses that improperly deduct personal flights on corporate jets and collecting back taxes from delinquent millionaires.
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How to watch the Jacksonville Jaguars vs. Detroit Lions game today: Livestream options, more
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It will be the Jacksonville Jaguars against the Detroit Lions in a game today. The game will be played at Ford Field in Detroit. The Jaguars will be looking to snap a three-game losing streak, coming into the game with a record of just 2-8. The Lions, meanwhile, have just lost once so far this season for an overall resume of 8-1. Their single loss this season was to the Tampa Bay Buccaneers in September.
Keep reading to find out how and when to watch the Jacksonville Jaguars vs. Detroit Lions game today, even if you don’t have cable.
CBS, Paramount+ and CBS Essentials are all subsidiaries of Paramount Global.
How and when to watch the Jacksonville Jaguars vs. Detroit Lions game today
The Jacksonville Jaguars vs. Detroit Lions game will be played on Sunday, November 17, 2024 at 1:00 p.m. ET (10:00 a.m. PT). The NFL football game will air on CBS and stream on Paramount+ and the platforms featured below.
How and when to watch the Jacksonville Jaguars vs. Detroit Lions game without cable
While CBS is available with many basic cable packages, you don’t need to worry if you don’t have access. Whether you have cable or have completely cut the cord, the game will be available with a variety of other options. Just note that the below streaming options will require the use of an internet provider:
Paramount+: Watch CBS-aired NFL games without cable
With Paramount+ you’ll have multiple viewing options to choose from. You can catch NFL games on the Paramount+ Essential tier for just $7.99 each month or you can watch college football with a Paramount+ with Showtime subscription for $12.99 monthly. In addition to live streams of NFL games airing on CBS, you’ll get to watch additional live sporting events including NCAA college football, PGA Tour golf, soccer and more.
Get started with Paramount+ here today.
Amazon Prime Video: Add Paramount+ to your existing subscription
Already have an Amazon Prime Video account? Simply add Paramount+ to your current subscription to watch all the CBS-aired NFL games in addition to Paramount+ originals. The same prices from above apply, depending on which tier you choose. Not sure which is best for you? Don’t worry. Both options come with a free seven-day trial that can help you decide.
Watch the Jaguars-Lions game on Amazon Prime Video.
Fubo: Watch the Jaguars-Lions game for free
If you’re looking for an inexpensive way to watch a variety of football games, Fubo could be the best way to do so. The live TV streamer is currently offering a seven-day free trial and $30 off of your first month’s subscription. Once subscribed, you’ll gain access to all of their live sporting events immediately. And there will be a lot to choose from. Not only does Fubo come with access to NFL games airing on your local CBS channel, it also includes Fox Sunday NFC games, “Sunday Night Football” on NBC, “Monday Night Football” on ABC and ESPN and all of the games that air on the NFL Network. So don’t wait.
Get started with Fubo online now.
As the football season ramps up you may want to stock up on the latest NFL gear and merchandise. Fanatics is a great way to do so. With the latest player t-shirts, jerseys, hoodies and more, there’s plenty of stuff in stock to keep you covered this season. But don’t wait much longer. As each week in the season passes by competition for this limited merchandise will increase. Don’t wait for it to sell out.
Head over to Fanatics now to check out the latest NFL fan gear drop.