federal taxes Archive

Yellen Praises IRS For Completing “Modernization Efforts” Ahead of Schedule

TweetShareSharePin0 Shares Biden administration Treasury Secretary Janet Yellen has been spearheading the IRS’s modernization efforts and is now praising the tax agency.  In mid-August, following the passage of the Democrat-backed Inflation Reduction Act, Yellen gave the Internal Revenue Service (IRS) a six-month timeframe to present a “modernization plan” that will improve the overall American taxpayer experience. At

Mass. Families Set to Receive $3 Billion In Refunds This Fall

TweetShareSharePin0 Shares After months of negotiations on Beacon Hill, Massachusetts families are set to receive approximately $3 billion in tax refunds this fall. In July and early August, state Congressional leaders found themselves at odds over a bill that would have provided middle-income households with $250 stimulus checks. Discussions were officially tabled the first week of

Investment Advisor Pleads Guilty to Defrauding Clients, Funding Lavish Lifestyle

TweetShareSharePin0 Shares Following an IRS investigation, a former investment advisor has pled guilty to defrauding clients in a bid to fund his lavish lifestyle. The IRS Criminal Investigation division discovered that Shawn Edward Good, of Wilmington, NC, accepted investments totaling $7,246,300 from at least 12 victims between 2012 and 2022.  Per an official release: Good executed a

“Bring The Noise!” | Tax Policy Center

TweetShareSharePin0 Shares IRS Whistleblower Office isn’t as “loud” as it used to be. A Senate Finance Committee report finds the IRS whistleblower program that rewards people for identifying tax cheats is strapped for cash. Since 2007, the program has generated $6.5 billion in tax collections and paid $1 billion in rewards. But congressional funding has

Which States Tax Student Loan Forgiveness, and Why Is It So Complicated?

TweetShareSharePin0 Shares The Biden administration’s plan for broad-based student loan forgiveness of up to $20,000 per individual won’t affect borrowers’ federal tax bills, but it could have state tax implications for some. While many states will follow the federal lead and not treat forgiven student loans as earned income, some could take a different path.

Trump’s Social Media Platform May Lose $1 Billion In Financing as Deal Flounders

TweetShareSharePin0 Shares Due to a delay put in place by the shell company that is seeking to merge with Donald Trump’s organization, the former President’s Truth Social platform may lose a $1 billion financing deal. Last year, the now-floundering deal was agreed upon by nearly three dozen hedge funds and wealthy private investors. Per a regulatory filing, the

Effort to Extend Enhanced Child Tax Credit Mounts, Key Dems Involved

TweetShareSharePin0 Shares Numerous key Democratic Congresspeople have gotten involved in a mounting effort to extend President Biden’s enhanced child tax credit (CTC), which played a role in reducing child poverty nationwide. Per a new report from the Census Bureau released this week, the nationwide poverty rate fell to 7.8% in 2021, the lowest level on record. This was largely due to

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