Where would our nation be without the IRS. >> Those funds are used to pay for government services. When you don't have enough people [music] at the IRS, you can't launch efforts to scrutinize areas [music] of tax evasion or tax delinquency.>> Funding from the 2022 inflation reduction act signed by President Biden was going to fix that. Enter [music] President Donald J. Trump.>> How about just no tax break. >> [cheering] >> Trump and other Republicans thought that the IRS [music] got too much money with the ...

Crime & Legal - Donald Trump could assist Brazil in combating organized crime [1] - The assistance involves arresting a Florida resident accused of being Brazil's biggest tax evader [1] International Relations - The situation involves the US and Brazil [1]

Regulatory Compliance - Hong Kong government initiates public consultation on revisions to Crypto Asset Reporting Framework (CARF) and Common Reporting Standard (CRS) [1] - Aims for automatic exchange of crypto asset tax information with partner jurisdictions reciprocally from 2028 [1] - Implementation targeted from 2029 to combat cross-border tax evasion [1]

Tax Compliance - Canadian Revenue Agency indicates 40% of crypto platform users are potentially evading taxes or at high risk of non-compliance [1]

Regulatory Scrutiny - Tax agencies globally are increasing enforcement against crypto tax evasion [1] - Canada's tax agency (CRA) obtained a court order for data on 2,500 Dapper Labs users, initially requesting data on the top 18,000 users [1] - The US, UK, and India are also intensifying efforts to enforce tax compliance [1] Cryptocurrency Market - Zcash has increased by nearly 380% year-to-date [1]

Regulatory Compliance - UK's HMRC requires crypto exchanges to collect full transaction data from all UK users starting January 1, 2026 [1] - HMRC will receive the data in 2027 to cross-check returns and curb crypto-related tax evasion [1] - The framework aligns with the OECD's Crypto-Asset Reporting Framework (CARF) [1] Global Adoption - CARF is already being adopted in the EU, Canada, Australia, Japan, and South Korea [1]

Regulatory Focus - Chinese tax authorities are requiring e-commerce giants like Amazon, AliExpress, Temu, and Shein to provide sales data [1] - This action aims to combat tax evasion by merchants conducting cross-border transactions on online platforms [1] - Tax authorities in Beijing, Guangdong, Fujian, and Sichuan are publicly addressing cases of unreported overseas income, urging taxpayers to self-inspect, rectify, and pay taxes [1] Potential Tax Implications - Sellers who adjust their declared data to match platform data may face up to 13% in value-added tax (VAT) and corporate income tax [1] - Companies with annual sales exceeding 5 million yuan are required to pay a maximum of 13% VAT according to the "Value Added Tax Law" [1]

Chinese tax authorities ordered e-commerce giants to hand over sales data for the first time, according to sources, in a rare move to crack down on tax evasion by merchants who use the online platforms for cross-border business https://t.co/h6i0KwdfuG ...

Legal & Regulatory - Former baseball star Darryl Strawberry received a pardon from President Donald Trump for a tax evasion conviction three decades ago [1]

Core Insights - The IRS has penalized American taxpayers over $162 million for falsely claiming tax credits, often influenced by misleading online advice [1] Group 1: Tax Misconceptions - Misleading tax advice from social media influencers and scammers has become common, making fact-checking essential to avoid legal issues [1] - A popular misconception is that receiving a raise leads to a higher overall tax burden, which is a misunderstanding of the U.S. progressive tax system [4][5] Group 2: Tax Strategies and Legalities - The "Overseas Zero Tax Strategy" suggests that moving to different countries can legally avoid income taxes, but U.S. citizens must report all income earned abroad [3][4] - Claims of writing off personal expenses as business deductions are often illegitimate; the IRS requires that deductions be "ordinary and reasonable" [6][7]