Treasury Department Archive

TweetShareSharePin0 Shares IRS: If your state offers inflation payments, hold off on filing your taxes. The agency is working on guidance related to state-issued inflation payments or tax rebates issued in dozens of states. The IRS says it needs more time to determine which of these payments will be subject to federal income tax. Rather

TweetShareSharePin0 Shares The Internal Revenue Service (IRS) is urging taxpayers in at least 20 U.S. states to hold off on filing their taxes for the 2022 tax year. The reason? The federal tax agency is unsure of how to deal with state tax refunds and credits that were issued due to record-breaking inflation rates last

TweetShareSharePin0 Shares GAO: IRS needs an IT upgrade ASAP.  In a recent analysis of the IRS’ information technology environment, the Government Accountability Office determined that about 33 percent of the agency’s applications were considered legacy and out-of-date. Some applications are between 25 to 64 years old, and some software is up to 15 versions behind

TweetShareSharePin0 Shares Additional defendants have been charged in a $50 million Ponzi scheme involving off-road tires. According to an official release from the IRS, federal grand jury has indicted two Texas men for their roles in one or more alleged conspiracies involving wire fraud, money laundering and tax fraud. Credit: Serhii Nemyrivskyi/Getty Images Charges pending against

TweetShareSharePin0 Shares A new tax expenditures report by the Joint Committee on Taxation (JCT) reveals two problematic developments: 1) policymakers have increasingly relied on the tax code to deliver benefits to individuals, and 2) the broad, neutral tax treatment of investment has shifted to targeted subsidies for businesses. Tax expenditures are often akin to “spending

TweetShareSharePin0 Shares Watch for the proposal in tonight’s State of the Union address. A White House factsheet released yesterday confirmed that President Joe Biden will use his State of the Union speech to call for a minimum tax on billionaires, similar to the one his administration proposed in its prior year’s budget plan. Biden will

TweetShareSharePin0 Shares After years of experience assessing countries’ frameworks on legal and beneficial ownership registration and working closely with authorities, experts and researchers, the Tax Justice Network is publishing its ‘Roadmap to Effective Beneficial Ownership Transparency’ (REBOT). The roadmap sets out a guiding north star for achieving a truly transparent beneficial ownership framework that can