Thirty-one of the Senate’s 49 Republicans are co-sponsoring a proposal to nullify a Biden administration proposal by banning the IRS from conducting surveillance on the financial affairs of virtually all individual Americans. The lead co-sponsors of the “Prohibiting IRS Financial Surveillance Act” include Sen. John Boozman and Sen. Tom Cotton, both from Arkansas, as well…
Senate Republicans Introduce Legislation Prohibiting IRS From Conducting Financial Surveillance on Private Citizens
Gun-Toting Wing of IRS Wants to ‘Put the Fear of God in People’: Ex-Agent
As the Internal Revenue Service seeks to bolster the ranks of its weapon-carrying Criminal Investigation unit, a former special agent described the inner workings of the division and said its key function is “to put the fear of God in people” and intimidate Americans into tax compliance. Former IRS Special Agent Robert Nordlander told Accounting…
How Seniors Can Avoid an IRS Tax Audit
Many people, particularly retirees, are often surprised when they get notified of a tax audit by the Internal Revenue Service. Being audited can be unnerving, especially when some seniors think they are immune. The reality is that the IRS can audit anyone if the IRS thinks that tax forms are not honestly reporting income, expenses,…
IRS Says Payments Sent Out in 4 States Last Year Are Taxable
Most taxpayers in states that gave some kind of stimulus or tax rebate payment last year will not have to report them on their federal returns this year. However, some residents in four states will have to. According to guidance issued by the Internal Revenue Service (IRS) earlier this month, taxpayers in 17 of 21 states…
Americans’ Tax Refunds Are 14 Percent Smaller This Year, Latest IRS Data Show
The latest IRS update on tax filing data shows that Americans’ tax refunds so far this year are considerably smaller than they were last year, something that both tax experts and the agency itself predicted. As of Feb. 10, the average refund amount stood at $1,997, the latest IRS data show. That’s 14 percent lower than the…
IRS Commissioner Nominee Pledges Not to Increase Audits, but There Could Be a Catch
President Joe Biden’s nominee to lead the Internal Revenue Service (IRS), Danny Werfel, said Wednesday that he won’t use boosted agency funding to increase audits for people earning less than $400,000 per year above historical levels, although some experts say that audits have been down recently. In testimony before the Senate Finance Committee, the IRS nominee…
Biden IRS Nominee Werfel Pledges No Audit Rate Increase for Households Earning Under $400,000
The U.S. Senate Finance Committee held a hearing on Wednesday to consider Daniel Werfel’s nomination as the next commissioner of the IRS. With $80 billion in additional funds as part of the Inflation Reduction Act, Republican and Democratic lawmakers agreed that restoring the credibility of the tax-collecting agency was paramount under Werfel’s potential leadership. But…
Early IRS Data Show Americans’ Tax Refunds Are Nearly 11 Percent Smaller This Year
Early Internal Revenue Service (IRS) data show that tax refunds so far this year are smaller than they were last year, a phenomenon that was predicted by the agency and tax experts. As of Feb. 3, the average refund amount stood at $1,963, or down about 10.8 percent from the year-ago period, when it was $2,201 on…
Americans’ Tax Refunds Are Nearly 11 Percent Smaller This Year, Early IRS Data Show
Early IRS data show that Americans’ tax refunds so far this year are smaller than they were last year, a phenomenon that was predicted by the agency and tax experts. As of Feb. 3, the average refund amount stood at $1,963, or down about 10.8 percent from the year-ago period, when it was $2,201 on average, the IRS…
Tax Expert: IRS Announcement Is ‘Nearly Unprecedented’
A tax expert said that a recent Internal Revenue Service (IRS) alert to millions of taxpayers that they should hold off on filing their tax returns is unprecedented. On Feb. 10, the IRS issued new guidance on special payments that were made by 21 states last year. The came about a week after the agency…
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