The IRS will spend $80 billion over the next 10 years to increase staffing and upgrade technology in an effort to make the agency easier to deal with and fairer for all taxpayers. “The IRS is committed to continuing to make investments so that you can deal with the IRS in an easier way going…
IRS to Spend $80 Billion to Increase Staffing, Upgrade Technology: Deputy Treasury Secretary
IRS Releases 2023 ‘Dirty Dozen’ Tax Scam List
As the 2022 tax season comes to a close, with less than two weeks left to submit returns, the Internal Revenue Service (IRS) has released its annual Dirty Dozen list of tax scams—warning individual citizens, businesses, and tax professionals to not let their guard down. “Scammers are coming up with new ways all the time…
Supreme Court Suggests IRS Went Too Far in Tax Enforcement Case
The Supreme Court seemed generally sympathetic to the claim of the wife of a delinquent taxpayer that the IRS had gone too far in her case in secretly summonsing third-party bank records. Throughout the hearing on March 29, the justices acknowledged the Internal Revenue Service needs tools to pursue delinquent accounts but suggested that potential…
Six Major Changes Made by IRS for 2023 Tax Season
March 10, 2023
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BrightBusiness & Marketschild tax creditClean Energy Tax CreditsEarned Income Tax Credit (EITC)economyEstate TaxIRS - U.S. Internal Revenue ServiceMarginal Tax Ratespersonal financePolicies & Impactsstandard deductiontaxtax changesTax Deductiontax filingtax year 2022USWealth Management
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Tax year 2022 saw multiple changes made by the Internal Revenue Service to tax limits, credits, standard deductions, and so on. With the deadline for filing returns fast approaching, here is a list of some of these changes. Marginal Tax Rates The IRS slightly changed tax brackets for the 2022 tax year. The top tax…
IRS Flip-Flopping: Ineligible Americans Receiving Form 1099-K
March 8, 2023
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BrightBusiness & MarketsForm 1099-Kfreelance taxIRS - U.S. Internal Revenue Servicepersonal financePolicies & ImpactstaxUSWealth Management
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Some American taxpayers are reportedly receiving 1099-K tax forms from the Internal Revenue Service (IRS) even though they may not be legally obligated to file it, which comes amid the tax agency flip-flopping on the income threshold applicable regarding the form. The form 1099-K is a document sent by third-party networks like PayPal, Venmo, Amazon,…
Supreme Court Slashes IRS Penalty Against Taxpayer for Not Reporting Foreign Bank Accounts
February 28, 2023
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The Supreme Court ruled 5–4 in a fractured opinion on Feb. 28 that the IRS imposed an excessive fine on a businessman for failing to report foreign bank accounts, reducing the financial penalty from $2.72 million to $50,000. The decision came after the U.S. House of Representatives, now controlled by Republicans, voted in January to…
IRS Recommends Taxpayers to Wait for ‘Additional Clarification’ Before Filing Returns Due to Refund Confusion
February 8, 2023
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Business & MarketseconomyIRS - U.S. Internal Revenue Servicepersonal financePolicies & Impactstax filingtax rebateTax Refundtax returnsUS
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The Internal Revenue Service has advised millions of taxpayers who have benefited from state rebate and refund payment programs to currently hold off from filing their income tax return while the agency decides on how to treat such receipts. “There are a variety of state programs that distributed these payments in 2022 and the rules…
NTD Business (Jan. 11): House Bill to Abolish IRS Introduced; FAA System Outage Causing Flight Disruptions
Chaos emerges at airports across the country after an overnight system outage disrupted travel, delaying thousands of flights. A bill to abolish the IRS has been introduced in the House. We talk to one Republican congressman and ask him what’s behind the idea. New York’s governor is pushing to ban natural gas heaters and appliances in…
House Passes Bill to Rescind Over $70 Billion in IRS Funding
The House of Representatives voted late Monday to rescind over $70 billion to the Internal Revenue Service (IRS) in the first bill under the 118th Congress. It now goes to the Democrat-controlled Senate, where it has little chance of progress amid additional opposition from the White House. The Family and Small Business Taxpayer Protection Act passed…
IRS Targeted More ‘Easy-Mark’ Low-Income Families Than Millionaires, Says Report
January 8, 2023
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IRS - U.S. Internal Revenue Servicelow-income familiesPolicies & ImpactsPoliticsrevenue auditSocial Issuestax auditstax filingUSUS News
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The IRS is continuing its historic trend of pursuing more low-income groups as relatively fewer billionaires and millionaires have come under its audit sweep, according to a recent report by Syracuse University’s Transactional Records Access Clearinghouse (TRAC). During fiscal year 2022, millionaires “did have the highest odds of being audited. However, if one ignores the…
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