Tag: tax

September 7, 2022

Earlier this year, teachers who buy school supplies out of their own pocket received a bit of much-needed good news from an unlikely source: the Internal Revenue Service. Yes, you read that correctly – the IRS. In March, the agency […]

August 31, 2022

Stoked by the largest surplus in state history, Missouri’s Republican-led Legislature devised a $500 million plan to send one-time tax refunds to millions of households. In a shock to some, GOP Gov. Mike Parson vetoed it. Parson’s objection: He wanted […]

August 26, 2022

The White House is silent on how President Biden’s decision to cancel between $10,000 to $20,000 in student debt for some Americans will be paid over the long run and whether it will drive tax bills higher even for average […]

August 24, 2022

Responding to an increasing number of threats born of conspiracy theories that agents were going to aggressively target middle income taxpayers, the Internal Revenue Service announced Tuesday that it was conducting a comprehensive review of safety at its facilities. The […]

July 15, 2022

House Democrats might have to swallow whatever the Senate feeds them on two of the party’s biggest bills in order to pass either one. That doesn’t mean they’re all ready to accept the tough reality. Party leaders are racing to […]

June 14, 2022

The IRS rolled out a web portal to authenticate recipients of the expanded Child Tax Credit in mid-2021 without receiving an “authority to operate” approval from tech officials, according to a May report from the Treasury Inspector General for Tax […]

May 5, 2022

The Internal Revenue Service is failing to process millions of tax refunds in a timely manner due to staffing shortages, as it continues to struggle to bring on desperately needed employees, according to the agency’s inspector general. As of mid-March, […]

February 24, 2022

No one likes tax season. It’s complicated, it’s stressful, and it’s getting worse. Last year was already the “most challenging year taxpayers and tax professionals have ever experienced,” according to the Taxpayer Advocate Service, an independent part of the Internal […]

February 18, 2022

The Internal Revenue Service should increase its use of overtime and internal employee reassignments to address backlogs of tax returns and correspondence, congressional Democrats demanded on Thursday. IRS has already implemented mandatory overtime for some workers and deployed “surge teams” […]

January 31, 2022

Doing taxes in the U.S. is notoriously complicated and costly. And it gets even worse when there are delays and backlogs, making it especially hard to reach the Internal Revenue Service for assistance. But to me this raises an important […]

December 20, 2021

A ProPublica report back in June found that many billionaires such as Musk and Jeff Bezos pay little to no federal taxes using completely legal means. Musk reportedly avoided paying any federal income tax in 2018 while handing over just […]

December 2, 2021

A bipartisan group of senators is seeking more assurances that the Internal Revenue Service will keep phone lines open while it resolves its vast backlog of cases. Sens. Robert Menendez, D-N.J.; Bill Cassidy, R-La.; Benjamin Cardin, D-M.D.; and Ron Wyden, […]

September 3, 2021

More than two-thirds of U.S. voters support bolstering the Internal Revenue Service’s staff to enable more enforcement of the nation’s tax laws, according to a new survey. The key priority of President Biden to ensure high-income earners pay their full […]

August 19, 2021

In 2008, the United Kingdom’s government evaluated the idea of a personal carbon allowance (PCA) to help reduce emissions. In short, the effort would put caps on the amount of carbon each person could use as they heat their homes, […]

August 12, 2021

It is an absolutely amazing irony that the biggest policy fight right now among the industry behind blockchain — which allows anyone to independently verify transactions through its distributed ledger — is over the independent and decentralized verification of transactions. […]

August 9, 2021

Senate Democrats unveiled a budget resolution Monday that maps $3.5 trillion in spending boosts and tax breaks aimed at strengthening social and environmental programs, setting up an autumn battle over President Joe Biden’s domestic policy ambitions. The measure lays the […]

June 28, 2021

The Supreme Court on Monday refused to allow New Hampshire to sue neighboring Massachusetts over an income tax dispute involving people who have been working from home during the coronavirus pandemic. The justices rejected New Hampshire’s complaint without comment. The […]

June 25, 2021

The Arizona House on Thursday approved a $1.9 billion income tax cut that mainly benefits the wealthy as majority Republicans pushed through key pieces of a state budget plan opposed by Democrats and packed with a conservative wish list of […]

May 21, 2021

The U.S. Treasury Department supports a global minimum corporate tax rate of at least 15% — below the 21% minimum it has been seeking to impose on the foreign profits of U.S.-based companies. The offer comes as the Organization for […]

May 12, 2021

Over the last year, lawmakers have passed many tax breaks for businesses due to the coronavirus pandemic. Now, the Biden administration is encouraging the hardest-hit businesses to take advantage of one especially large tax break, the employee retention credit. The […]