May 2Internal Revenue Service (IRS) announced steps it’s going to take to eliminate wide disparities in audit rates amongst black taxpayers and other filers.

University researchers and the Treasury Department conducted a study that found that IRS data-driven algorithms chosen black taxpayers for audits 4.7 times more often than taxpayers of other races. Other findings showed that the agency disproportionately scrutinized Earned Income Tax Credit claimants – targeting low- and moderate-income staff and families – with 21% being black taxpayers.

They were also the main focus of 43% of credit audits.

IRS Commissioner Daniel Werfel, who has served since 2023, testified on the matter before Congress in September 2023 and wrote to the Senate Finance Committee that the IRS would make changes.

“We took quick initial motion to dramatically reduce the variety of these audits. We have also made changes to the choice criteria for these audits,” he said, adding that discriminatory audits “reduce confidence in our tax system.”

The agency can also be maintaining a tally of the profits of more wealthy people and huge firms. According to Fox 21 News, because of additional funding from the Inflation Reduction Act, The IRS could also be cracking down on “noncompliant taxpayers who use them to hide or manipulate their income to avoid taxes.”

For millionaires, the control rate was over 70% between 2010 and 2019, and the speed for big corporations dropped by over 50%. The agency estimates the tax gap is $683 billion, made up of taxpayers underreporting income, underpaying or just not filing returns.

Thanks to a joint effort between Werfel and President Joe Biden, the Inflation Reduction Act helped improve taxpayer services and reduced audits for people making lower than $400,000 a yr. “We are reviewing compliance efforts to enhance our commitment to fair, equitable and effective tax administration and to be accountable to the taxpayers we serve,” in keeping with the IRS’s annual update.

“There will be no new wave of audits for middle- and low-income taxpayers; this is not in our plans in any way, shape or form,” Werfel continued.

The recent audit targets shall be high-net-worth entrepreneurs with income exceeding $10 million, large corporations with assets exceeding $250 million, high-net-worth corporations and taxpayers with access to corporate aircraft reminiscent of private jets for private use, and complicated partnerships with assets exceeding $10 million.

Serena Williams and Michal Strahan are the brand new owners of Michael Jordan’s growing Cincoro Tequila company.

The tennis and soccer champions add to the list of former skilled athletes and sports enthusiasts who help Jordan and other NBA owners run their award-winning spirits brand. Along with Williams and Strahan are baseball great Derek Jeter and skilled golfers Keegan Bradley and Dustin Johnson. All of them amongst reports that recent star athletes will join the Cincoro ownership team.

To coincide with the ownership announcement, Cincoro has also introduced recent 375ml bottles of blanco, reposado and añejo, which is able to add to its luxury tequila offering.

“Cincoro has always been special to me because of the genuine friendships we have developed around enjoying Cincoro and spending time together, designing it, experiencing it and tasting it. We continually strive for excellence,” said Jordan, co-founder of Cincoro Tequila, in a press release.

“And now that we welcome some of my closest friends to the company, I look forward to the next era of Cincoro with this all-star team.”

Williams already has a decorated business portfolio under his belt at his investment firm, Serena Ventures. However, her work at Cincoro allows her to turn out to be much more in tune with sports “greatness.”

“Being a part of Cincoro is not just about business – it is about supporting a legacy of greatness,” Williams said. “I love Cincoro. Just as I have always strived for excellence on the court, I appreciate the dedication and determination behind Cincoro and am excited to be a part of the team.”

Co-founders of DraftKings Inc. Matt Kalish and Paul Liberman and CEO Jason Robins also join the all-star lineup of Cincoro owners. The company, founded in 2019, was founded by Jordan, Boston Celtics majority owner Wyc Grousbeck, his wife, financier Emilia Fazzalari, Los Angeles Lakers owner Jeanie Buss and Wes Edens of the Milwaukee Bucks.

Luxury tequila company he boasts these are Blanco, Reposado, Anejo, Gold and Extra Anejo, which retail for $99. A black bottle of Jeter’s favorite wine, Cincoro Extra Añejo, costs over $1,000 and may go as much as $1,600 in some stores.

Allen Media Group announced that layoffs will soon affect its employees. The company is owned by Byron Allen, a distinguished black film producer and aspiring media mogul.

Allen Media Group has a broad portfolio that features each linear television and streamers corresponding to The Weather Channel, The Grio and HBCU Go. A company spokesman assured that this was the case undergo restructuring this features a series of layoffs aimed toward optimizing growth.

“Allen Media Group is making strategic changes to better position the company for growth, which will result in cost and staff reductions across all company divisions,” the representative explained.

They continued: “Allen Media Group’s brands proceed to perform well, and in lots of areas our revenue growth significantly outperforms the market. We are adapting these changes to make sure future business opportunities and support growth strategies in our rapidly growing industry.

Allen’s estimated net value is roughly $735 million. He once desired to buy CNN as a part of other initiatives to purchase the linear assets of BET and Disney. Its most vital acquisition, The Weather Channel, was valued at $300 million in 2018.

He first founded a media company in 1993. It has since expanded into film distribution, releasing movies corresponding to 47 Meters Down. Allen also attempted to revive the Black News Channel after purchasing the property for $11 million in 2021. However, the 63-year-old ceased operations the next 12 months.

The reported the layoffs will affect 12% of the company’s workforce, specifically 300 of its 2,500 employees. This is the primary round of layoffs because the company was founded. It expects to chop costs by $100 million because the company’s profits fell 19% within the fourth quarter from a 12 months ago.

Allen hopes to reverse the company’s profits while continuing to pave the way in which for Black-owned media.