Treasury Department Archive
If the IRS Gets $80 Billion, Will Its Agents Come Gunning for You?
August 11, 2022
No Comments
TweetShareSharePin0 Shares With the near-certain enactment of the Inflation Reduction Act, the Internal Revenue Service is on track for an $80 billion boost to its ten-year budget. That’s the amount of money the Biden Administration asked for last year. That’s an amazing success for the administration and the IRS. I mean, let’s face it. The
Vermont Businessman Sentenced to Prison For Tax Evasion, Identity Theft
August 11, 2022
No Comments
TweetShareSharePin0 Shares A Vermont businessman has been sentenced to prison for tax evasion and identity theft following an investigation by the U.S. Attor Source link TweetShareSharePin0 Shares
IRS Confirms Tax Relief, Extensions For Kentucky, Missouri Flood Victims
August 11, 2022
No Comments
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
August 11, 2022
No Comments
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
August 10, 2022
No Comments
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
August 10, 2022
No Comments
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
Pass Through Tax Break Limits Extended, “Uber-Wealthy” Hit Hardest
August 10, 2022
No Comments
TweetShareSharePin0 Shares In a change to the original version of the Inflation Reduction Act of 2022, pass through tax break limits have been extended for another two years in a move that majorly impacts the “uber-wealthy,” according to a report by CNBC. High net-worth real estate owners — who may like to jet from place to
The Weekly (Tax)Buzz – August 10th, 2022
August 10, 2022
No Comments
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
Philadelphia Men Charged With Bribery, Evading Taxes on Millions
August 10, 2022
No Comments
TweetShareSharePin0 Shares Two Philadelphia men have been charged with paying over $400,000 in bribes and evading taxes on over $3 million of income. The Department of Justice shared details provided by the U.S. Attorney’s Office for the Middle District of Pennsylvania: Den Lam, age 48, and Danny Sing, age 59, both of Philadelphia, Pennsylvania, were
How The Senate-Approved Corporate Minimum Tax Works
August 9, 2022
No Comments
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
