A recent report by Syracuse University says the IRS continues to audit more low-income groups than millionaires and billionaires. Meanwhile, in his first speech after being elected speaker of the house, Rep. Kevin McCarthy (R-Calif.) said the first bill he wants to see passed is one to cut back funding for new IRS agents. President…
NTD News Today (Jan. 9): Report: IRS Mostly Targets Low-Income People; President Biden Makes First Visit to Border
IRS Changes for 2023 Will See Lower Taxes for Some Americans
January 3, 2023
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Business & MarketsCost of Living adjustmenteconomic policieseconomyExecutive BranchinflationIRSpersonal financePolicies & ImpactsPoliticstax deductionsUSUS News
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New changes to the Internal Revenue Service’s policies for 2023 will see lower taxes for some Americans, as the revised rules come into effect. Rising costs have prompted the tax service to implement several changes affecting millions of citizens, as more deal with higher prices. Cost of living adjustments, including retirement savings, taxes, Social Security payments, and…
IRS Increases Deductible Costs for Mileage by 3 Cents per Mile in 2023
The optional standard rate for deductible costs for operating an automobile for business will increase to 65.5 cents per mile in 2023, a 3-cent increase from the current rate, according to the IRS. The new rates begin Jan. 1 and apply to electric and hybrid-electric vehicles, gasoline, and diesel-powered vehicles, according to an IRS news…
New IRS Requirement Raises Questions About Vow to Expand Audits Only on ‘Rich’
December 28, 2022
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American rescue planbig governmentForm 1099-Ksgovernment spendingincome taxinflationIRSmiddle classOpinionSmall BusinessesSocial SecuritytaxationtaxesViewpoints
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Commentary Next month, the U.S. Postal Service will be busier than usual. Not because of late Christmas cards or thank-you letters, but because of the extra Form 1099-Ks the IRS will be mailing out. Under the American Rescue Plan, third-party payment facilitators like Venmo, eBay, Etsy, and Airbnb are now required to send Form 1099-Ks…
Republicans Should Just Say No to Any Budget That Funds 87,000 New IRS Agents
Commentary One of the biggest promises by Republicans in the 2022 election season was that if they won a majority in the House, they would defund the $80 billion that Biden wants to hire 87,000 new IRS agents. But now they are about to agree to a $1.7 trillion omnibus spending deal with President Joe…
Capitol Report: Twitter Files: Twitter Pressured by Government to Censor COVID Info; West Point Removes Statues
December 26, 2022
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borderCapitol ReportCCP VirusChinaCOVID-19EpochTVillegal immigrantsIRSPayPaltwitter filesUSUS NewsWest Point
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According to the latest release of the Twitter Files, the platform suppressed information about the coronavirus. After pressure from the federal government, a scientist’s criticism of the vaccine was blocked. Republicans vow to investigate the relations between Twitter and the federal government. China may be facing its biggest COVID-19 surge to date, leaked notes from…
IRS Halts Controversial New Rule Requiring Reporting of $600 Payments
The Internal Revenue Service (IRS) on Friday announced it would delay a rule that would have required tens of millions of Americans who received payments of at least $600 to report their earnings, following widespread confusion and angst about the new requirements. Under the 2021 American Rescue Plan, anyone who earned $600 via platforms like…
House Passes Bill Requiring Public Disclosure of President’s Tax Documents
The U.S. House of Representatives on Dec. 22 passed a bill that would require the U.S. government to make a president’s tax documents public. H.R. 9640 (pdf), or the Presidential Tax Filings and Audit Transparency Act of 2022, was approved in a 222–201 vote, with five Republicans joining all Democrats in voting yes. Eight members…
Lawyer Reveals How Many Taxpayers May Be Impacted by New IRS Rules Coming Next Year
A lawyer representing a coalition of firms who are trying to change new Internal Revenue Service (IRS) requirements about reporting certain payments via Venmo, CashApp, Etsy, and other online services believes that tens of millions of taxpayers will get new tax statements for the first time ever next year. Under the American Rescue Plan, passed…
What Are Your Options If You Can’t Pay the IRS?
In this economy, tight budgets may make it challenging to pay income taxes. This is true especially if you owe thousands of dollars. But what do you do if you can’t pay those taxes? Don’t go into a panic; you do have some options. File Regardless of Taxes Owed It can be alarming to realize…
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