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IRS has recovered $1.3 billion in unpaid taxes
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IRS has successfully recovered $1.3 billion in unpaid taxes as part of its intensified enforcement efforts.
The IRS, in collaboration with the U.S. Treasury Department, announced these results, highlighting its focus on ensuring compliance among high-income earners. Treasury Secretary Janet Yellen emphasized that there was a significant decline in audit rates for wealthy taxpayers from 2010 to 2018, with a notable gap in collections from the top 1% of earners. To address this, the IRS is concentrating on approximately 125,000 individuals who have not filed taxes in several years. In the past six months alone, 21,000 of these individuals have paid $172 million in overdue taxes. Additionally, the IRS reported that 80% of 1,600 millionaires with outstanding tax liabilities have made payments totaling $1.1 billion. For self-employed real estate agents, remember that IRS quarterly tax payments are due this Friday. Ensure your payments are made on time to avoid any penalties. The IRS continues to enforce stricter regulations to close the tax gap, ensuring that all taxpayers comply. As the IRS ramps up efforts, individuals and businesses are urged to stay vigilant and meet their tax obligations. The IRS is making it clear that avoiding taxes will no longer be tolerated, with future audits and collections expected to increase. In light of this, it’s crucial for all taxpayers to stay informed about IRS guidelines and regulations.
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Sellers to Get $13 from Realtor Settlement, Lawyers Request $82M
If your clients are eligible for a share of the $418 million realtor settlement, they might be surprised by the payout they are actually entitled to. While payouts will average just over $13 due to legal fees, sellers should expect notifications soon on how to claim their share. Meanwhile, Plaintiff’s lawyers requested $82 Million in fees.This is all the result of a federal jury found the National Association of Realtors (NAR) and several large brokerages guilty of price-fixing, leading to a reduced settlement of $418 million. This impacts home sellers who listed properties in a multiple listing service (MLS) after October 31, 2019.
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And finally, Clark Halstead, co-founder of Sotheby’s International Realty and Halstead Property, passed away on August 22 at the age of 83. Halstead helped shape modern real estate, launching Sotheby’s Manhattan division in 1976 and co-founding Halstead Property in 1984 with Diane Ramirez, who later became CEO.
Halstead’s nephew, Christopher Halstead, described him as a pioneer, leaving a lasting legacy in the real estate industry. Known for his creativity, Halstead famously sketched out the idea for his firm on a bar napkin, which led to its eventual success.After selling Halstead Property to Terra Holdings, Halstead remained active as chairman emeritus, mentoring others and continuing to influence the field. He also served as a leader in the Real Estate Board of New York and hosted a popular radio show, “Halstead’s Real Estate Review.”
Halstead was also known for his unique marketing flair, driving clients around in branded London taxis. He is survived by his daughters, son-in-laws, and grandchildren.
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About 3 Things You Need to Know
Stream “3 Things You Need to Know” with Kayla Walsh, your essential daily update on the real estate world! Airing Monday through Friday, Kayla brings you the top three stories that matter most in real estate.
From economic shifts and housing market trends to celebrity property news and Federal Reserve updates, she delivers the crucial facts without opinion or editorializing.
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