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Loading Tax News…Tax and IRS NewsPublished on Aug 30, 2022
We know that an increased budget for enforcement will lead to more audits. More audits mean more tax collection. The question that remains to be answered is exactly how much federal tax revenue the IRS expects to collect with the new Inflation […]
Tax and IRS NewsPublished on Aug 25, 2022
More than half of the $80 billion Inflation Reduction Act will be spent on IRS enforcement. This specifically means collecting back taxes, conducting criminal investigations, monitoring digital assets, obtaining legal support and hiring thousands of new IRS auditors. How many auditors will […]
Tax and IRS NewsPublished on Aug 19, 2022
Between the inflation, the pandemic, and the Inflation Reduction Act, now is a scary time to owe back taxes. The bill has passed, granting the IRS $80 billion dollars in funds for their activity. Consequently, we’re expecting a massive increase in the […]
Tax and IRS NewsPublished on Aug 18, 2022
From a pandemic to inflation, American taxpayers haven’t been able to catch a break since 2020. To combat the current state of the economy, Senate has passed a new bill with a ten-year plan. The Inflation Reduction Act is being sent to […]
Tax and IRS NewsPublished on Aug 10, 2022
Student loan debt is still on the rise and new developments regarding repayment and forgiveness have unfolded recently. President Biden will announce his plan for student loan forgiveness and repayment by the end of August 2022. Student Loan Payment Pause Loan […]
Tax and IRS NewsPublished on Jul 8, 2022
Many taxpayers are hesitant about calling the IRS for several reasons, including the long wait time to speak with a representative. A phone call could take hours that you may not have to spare in your day to get answers to simple […]
Tax and IRS NewsPublished on Apr 22, 2022
There were about 1.5 million taxpayers that didn’t file a return in 2018. The IRS announced that it has $1.5 billion in tax refunds from 2018 and gave taxpayers until the end of the season to claim their money. If you missed […]
Tax and IRS NewsPublished on Apr 15, 2022
President Joe Biden has discussed a proposal that would target billionaires in his 2023 budget. The proposal calls for a new minimum tax, forwardly named the “Billionaire Minimum Income Tax.” What exactly is the Billionaire Minimum Income Tax? This tax would assess […]
Tax and IRS NewsPublished on Apr 13, 2022
Due to the COVID-19 pandemic, millions of US workers lost their jobs. While some were able to return to work in 2021, approximately 25 million people received unemployment benefits and didn’t withhold taxes. The IRS is now looking to collect back taxes […]
Tax and IRS NewsPublished on Apr 1, 2022
The inflation is directly affecting drivers and daily commuters alike with skyrocketing gas prices. In California, the average cost for regular gas is now up to $5.82, or $6.21 for premium. Recently, the government has decided to step in on federal and […]
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