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Congress outlawed tax deductions on “wash sales” in 1921, but Goldman Sachs and others have helped billionaires like Steve Ballmer see huge tax savings by selling stocks for a loss and then replacing them with nearly identical investments. → Read More
After a year of reporting on the tax machinations of the ultrawealthy, ProPublica spotlights the top tax-avoidance techniques that provide massive benefits to billionaires. → Read More
Susquehanna founder and TikTok investor Jeff Yass has avoided $1 billion in taxes while largely escaping public scrutiny. He’s now pouring his money into campaigns to cut taxes and support election deniers. → Read More
In an interview, Senate Finance Chair Ron Wyden described the effect of the tax dodging revealed in “The Secret IRS Files” and argued that his stalled efforts to make the ultrawealthy pay what he calls “their fair share” could still bear fruit. → Read More
Donald Trump and other ultrarich Americans have earned billions, but they’ve also managed to repeatedly avoid paying any federal income tax by claiming huge losses on their businesses. → Read More
ProPublica has obtained a vast cache of IRS information showing how billionaires like Jeff Bezos, Elon Musk and Warren Buffett pay little in income tax compared to their massive wealth — sometimes, even nothing. → Read More
A new ProPublica analysis of a trove of IRS documents revealed that the richest 25 Americans pay a tiny fraction of their wealth in taxes. But even if you use the most conventional yardstick — income — the wealthiest still pay low rates. → Read More
After a pause for the pandemic, debt buyers are back in the courts, suing debtors by the thousands. → Read More
Girish Patel doubts his small, 20-year-old shop will survive the pandemic economy. Thirty stories above, aerospace company TransDigm has sustained eye-popping profits thanks to steep layoffs and raised over a billion with help from the U.S. government. → Read More
The antitrust probe comes after ProPublica detailed how the takeover could reduce competition in the tax prep business. → Read More
ProPublica found at least 15 large companies that received over half a billion dollars in PPP loans using the same technique: Getting multiple loans sent to smaller entities they own. → Read More
After resisting its release, the administration revealed information on companies that received more than $150,000 in PPP funds. → Read More
Every year, the IRS annual report is an opportunity to measure how effectively the U.S. government has sabotaged its own ability to enforce its tax laws. This year’s report signals historic lows for U.S. tax enforcement. → Read More
How has your company treated its workers during the crisis? As bailout money in the form of huge loan programs reaches to your company, what are you watching for or worried about? → Read More
The IRS has had trouble getting money to people quickly because millions of Americans pay for their tax preparation through a baroque system of middlemen. → Read More
Politicians have touted debt relief, but the various proposals are patchwork. Many homeowners and renters won’t get much help; those struggling with credit card, car and other loan payments will get none. → Read More
“Allowing a near-monopolist to eliminate a maverick competitor poses obvious risks of harm,” said one former DOJ lawyer of Intuit’s proposed Credit Karma acquisition. “It’s hard to imagine any reason why this should be allowed.” → Read More
Did you file with H&R Block, Jackson Hewitt, Liberty Tax or another preparer? Help us report on what Americans really paid for tax help. → Read More
Tax software companies made around $1 billion in revenue by charging people who were eligible to file for free. → Read More
The social media behemoth is about to face off with the tax agency in a rare trial to capture billions that the IRS thinks Facebook owes. But onerous budget cuts have hamstrung the agency’s ability to bring the case. → Read More