The Internal Revenue Service (IRS) has at long last issued guidance about how to handle state stimulus payments, which comes about a week after it issued an alert advising millions of taxpayers to delay filing tax returns until it provides “additional clarification” about the payments’ taxability. In a statement issued late Friday, the IRS said that…
IRS Issues Long-Awaited Clarification on Taxing Stimulus Checks After Urging Americans to Delay Filing
IRS Still Hasn’t Issued ‘Additional Clarification’ After Telling Millions to Delay Filing: ‘Not Acceptable’
The federal watchdog for the Internal Revenue Service (IRS) faulted the federal agency for not giving guidance on how to handle state stimulus payments, which led to the IRS issuing an alert to taxpayers to delay filing a week ago. Since issuing its alert on Feb. 3, the IRS has not yet provided “additional clarification”…
IRS Announces New Feature to Get Some Tax Refunds Faster
The Internal Revenue Service (IRS) has announced a new feature that will let millions of taxpayers get their tax refund money faster. For the first time, people who electronically file their Form 1040-X (Amended U.S Individual Income Tax Return) will have the option to receive their refund through direct deposit, instead of waiting for a…
A Closer Look at the Fair Tax Act
February 9, 2023
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The Fair Tax Act of 2023 is not a new idea. It was first proposed to the House of Representatives in 1999. Since then, it has been brought up again before Congress several times—this time by the Republicans in January 2023. The main idea behind the Fair Tax Act, says FairTax, is to eliminate the…
Capitol Report: Former Twitter Execs Grilled by Lawmakers on Capitol Hill; Reaction to Biden’s SOTU Address
Midway through his presidency, Joe Biden laid out priorities for his next two years in the White House. How was this year’s State of the Union received? Rep. Michael McCaul (R-Texas), chairman of the House Foreign Affairs Committee, joins us to discuss the spy balloon from China. What does his committee plan to do? Biden…
IRS Proposes New Program for Reporting Tips Across Service Industry
February 7, 2023
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The Internal Revenue Service (IRS) on Feb. 6 issued proposed guidance for a voluntary tip-reporting program between the agency and employers across an array of service industries. Notice 2023-13 contains a proposed revenue procedure that would establish the “Service Industry Tip Compliance Agreement” (SITCA) program, which the IRS says would serve as the sole tip-reporting compliance program between…
Ask Kip: Factors That Increase Your Chance of an Audit
By Joy Taylor From Kiplinger’s Personal Finance Question: With the Internal Revenue Service (IRS) getting billions added to its budget, does that mean the chance of being audited rises substantially? Answer: Most of the enforcement effects from the IRS’ $80 billion windfall won’t be felt by taxpayers for at least a couple of years. And…
Experts Reveal How to Get 2023 Tax Refund Back as Quickly as Possible
Tax attorneys and accountants say that those who want their refunds quickly should file electronically and ask for a refund via direct deposit to their accounts. “If at all possible, file electronically, and request that you receive your refund by direct deposit,” tax attorney Adam Brewer told Nexstar on Friday. “I know no one really…
IRS Changes Definition of ‘SUV,’ Making More Vehicles Eligible for Tax Credits
The Internal Revenue Service (IRS) modified the regulatory definition of a sport utility vehicle (SUV) to make more vehicles eligible for an electric vehicle (EV) tax credit of up to $7,500. In a notice issued on Feb. 3, the IRS and the Department of the Treasury jointly changed the vehicle classification standard by which vans,…
Cuts to Reduce IRS Agent Expansion Possible, But True Spending Reform Unlikely: Analyst
Despite political posturing from both sides and calls for “real structural spending reform that reduces deficit spending and brings fiscal sanity back to Washington” from 24 Senate Republicans, Washington such change is unlikely at this time, Ryan Yonk explained in an interview that aired on Newsmakers by NTD and The Epoch Times on Feb. 1. But, Yonk added, one…
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