The Internal Revenue Service (IRS) has cautioned that many taxpayers should expect a smaller refund this tax season because of tax law changes including the expiration of pandemic-related stimulus payments that would otherwise have boosted refund balances. “Due to tax law changes such as the elimination of the Advance Child Tax Credit and no Recovery…
IRS Alerts Taxpayers They Must Answer a New Question on Tax Forms or Face Consequences
The Internal Revenue Service (IRS) issued an alert to taxpayers on Tuesday, reminding them that they must report all digital asset-related income and answer a new digital asset question on their 2022 federal income tax return or face consequences such as delayed refunds or even penalties. The IRS said in a Jan. 24 release that a…
IRS Boasts of Better Services Thanks to $80 Billion Funding in ‘Inflation Reduction Act’
January 23, 2023
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Business & Marketseconomic policieseconomyExecutive BranchInflation Reduction ActIRSPolicies & ImpactsPoliticsUSUS News
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The Treasury Department has announced that it is rolling out new measures aimed at improving customer service for 2022’s tax season. The Internal Revenue Service (IRS) is starting to accept federal income tax returns for 2022, and is toting its new and improved services after receiving $80 billion in funding for the next decade from…
Mass Market Artificial Intelligence Passes Top Business School Exam
ChatGPT, an artificial intelligence system, passed a graduate-level business examination at the University of Pennsylvania’s Wharton School, according to a new research paper. Christian Terwiesch, a professor at Wharton, considered one of the most prestigious business schools in the United States, said he wanted to test growing concerns about the chatbot’s potential. It comes amid a…
Artificial Intelligence ChatGPT Passes Top Business School Exam
ChatGPT, an artificial intelligence system, passed a graduate-level business examination at the University of Pennsylvania’s Wharton School, according to a new research paper. Christian Terwiesch, a professor at Wharton, considered one of the most prestigious business schools in the United States, said he wanted to test growing concerns about the chatbot’s potential. It comes amid a…
IRS Says Tax Filing Season Starts Monday: Here’s What to Expect
The official tax-filing season will start Monday, Jan. 23, and the Internal Revenue Service says the amounts might be different than last year. “This filing season is the first to benefit the IRS and our nation’s tax system from multi-year funding in the Inflation Reduction Act,” said acting IRS Commissioner Doug O’Donnell in a recent news…
IRS Reminds Wage Earners to Adjust 2023 Withholding Now or Face a Surprise Later
The Internal Revenue Service (IRS) has issued an alert to taxpayers, encouraging them to adjust their 2023 withholding so as to either avoid effectively giving the government an interest-free loan of their money or face the prospect of penalties and interest if too little tax is withheld. In a news release on Jan. 19, the…
Cancel the IRS? We Can Only Hope
Commentary While I can’t say I’m supportive of cancel culture, I am incredibly supportive of cancel culture when it is directed at the IRS. Recently the 118th Republican-led Congress introduced “The Family and Small Business Taxpayer Protection Act.” If successful, the bill would abolish the IRS, replacing the income tax (and the income tax code)…
Say No to the VAT
January 18, 2023
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administrative stateFair Tax Actgovernment spendingincome taxIRSOpiniontaxationValue Added TaxVATViewpoints
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Commentary Last week, a light appeared on the dark horizon. It seemed like some Republicans were getting serious about reforms we need to save the country from a pillaging ruling class that has been stealing everything not nailed down. It seemed like perhaps some wise people were thinking about radical and dramatic reform to restore…
Advance Tax Refund Provider Raises Loan Limit Due to High Inflation
January 18, 2023
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Business & Marketseconomic policieseconomyinflationIRSpersonal financePolicies & ImpactsSocial IssuesTax RefundUS
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The Santa Barbara Tax Products Group, an advance tax refund provider, is raising its loan limit to take into account higher-than-average inflation. As tax season approaches, the rise in the cost-of-living expenses has placed a heavy burden on millions of American families nationwide. Although annual inflation fell to 6.5 percent last month, from its historical…
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