Nearly 14% of NRIs from the US Struggle with Double Taxation in Tax Return Filing: Survey
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Large companies like Microsoft have been evading taxes through profit shifting schemes, such as funneling profits through low-tax regions like Puerto Rico . This practice of profit shifting is believed to be common among big corporations, with an estimated $969 billion in profits being shifted to tax havens globally in 2019 . As a result, there has been a significant loss in corporate tax revenue, with the IRS reporting a 16% decrease in the US . To combat tax evasion, the IRS has recently increased efforts to crack down on these practices . However, experts argue that more resources are needed to address the issue and ensure equity in the economy .
In an effort to provide taxpayers with more options and challenge private tax preparation services, the IRS will be launching a pilot tax fil...
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