Treasury Department Archive

IRS Confirms Tax Relief, Extensions For Kentucky, Missouri Flood Victims

TweetShareSharePin0 Shares The Internal Revenue Service (IRS) has confirmed tax extensions for victims of the severe flooding in Kentucky and Missouri. Earlier this month, Eastern Kentucky faced catastrophic flooding in places like Perry County and Breathitt County. The Lexington Herald Leader noted that other “cities on the Ohio River, including Paducah, were inundated, and there

GA Gov. Kemp Fires Back at Opponent Abrams With Tax Cut Promises

TweetShareSharePin0 Shares Sitting Georgia Governor Brian Kemp has fired back at his challenger, Stacey Abrams, promising tax cuts and job opportunities in the Peach State. The Associated Press reported on comments Kemp made on Wednesday, August 10: After Abrams argued this week that “miserly” Republicans are denying basic services and ignoring inequities in pursuit of

Here’s What 87,000 New IRS Employees Will Actually Be Doing

TweetShareSharePin0 Shares The Inflation Reduction Act of 2022 includes nearly $80 billion in funding for the Internal Revenue Service (IRS), leading to the hiring of 87,0000 new employees. The provision was backed by Fred Goldberg, who headed the agency under former President George H. W. Bush, President Bill Clinton’s IRS head, Charles Rossotti, and John Koskinen, who led

Court Unanimously Rules Trumps’s IRS Tax Records Are Fair Game

TweetShareSharePin0 Shares The DC Circuit Court of Appeals has unanimously ruled that the United States House of Representatives can obtain former President Donald Trump’s tax records from the Internal Revenue Service (IRS). CNN reported: A federal appeals court on Tuesday signed off on a House Ways and Means Committee request to obtain former President Donald

The Weekly (Tax)Buzz – August 10th, 2022

TweetShareSharePin0 Shares The Weekly (Tax)Buzz – August 10th, 2022 If you feel like the news is tough to keep up with these days, you aren’t alone. Every week, we publish a curated list of some of the top articles in tax and finance. Tune in every Wednesday to read the latest thought leadership pieces from

How The Senate-Approved Corporate Minimum Tax Works

TweetShareSharePin0 Shares On Sunday, the Senate passed the Inflation Reduction Act (IRA), following months of negotiations over President Biden’s Build Back Better agenda. To help fund the clean energy provisions, the IRA includes two major new taxes on corporations: a 15% alternative minimum tax and a 1% excise tax on stock buybacks. The new alternative

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