IRS focuses on middle America: How small businesses and individuals bear the burden
As someone who works closely with small businesses navigating our complex tax system, I’ve seen how the IRS often struggles to balance its enforcement efforts. While the agency claims to target large corporations and the ultra-wealthy, many small and medium-sized businesses, along with middle-class families, end up bearing the brunt of these actions. It’s, frankly, […]
Bitcoin Giant Strategy Avoids Multi-Billion Dollar Tax Obligation After IRS and Treasury Advice
Simply put The IRS and Treasury have released new guidance. It now appears that the strategy will not be affected by CAMT. Shares surged 4.6% to $337 on Wednesday as Bitcoin prices increased. The strategy for leading corporate ownership of Bitcoin clarified its stance following the IRS and Treasury’s recent communications. It no longer anticipates […]
Bitcoin Leader’s Plan Avoids Multi-Billion Dollar Tax Obligation After IRS and Treasury Advice
Strategy on Corporate Ownership and Bitcoin Holdings A recent clarification from the IRS and the Treasury suggests that the strategy, aiming to be the largest corporate owner of Bitcoin, no longer anticipates facing billions in tax liabilities due to a rise in the value of its $75 billion Bitcoin stockpile. The latest regulatory guidance indicates […]
IRS Intends to Remain Operational During the Initial Days of a Government Shutdown
As the midnight deadline for the government approaches, there’s increasing concern about a potential shutdown in Washington. Typically, this means that many non-essential services will halt. However, a recent budget plan from the IRS indicates that operations will continue for the first five days of a shutdown, largely due to funds reallocated from the Inflation […]
IRS begins reducing paper refund checks following Trump directive: Important details to understand
The IRS has started to gradually eliminate paper refund checks, following an executive order issued by President Donald Trump earlier this year. Beginning in March, the agency will mainly suspend paper refund checks and instead promote digital methods, such as direct deposits. This move to eliminate paper refund checks marks the first step towards a […]
IRS closure plan: Workers remain on duty for the initial five workdays
IRS to Maintain Operations Amid Possible Government Shutdown In the event of a government shutdown, all IRS personnel will be required to work during the first five business days. A contingency plan released earlier has expired. The funding from the 2022 Inflation Reduction Act will cover employee salaries. The IRS currently employs over 74,000 individuals, […]
The IRS is updating the process for receiving your tax refund: Here’s what to understand.
IRS to Transition to Electronic Refund Payments The Internal Revenue Service has announced that starting Tuesday, September 30th, it will begin a gradual shift away from paper tax refund checks. This change is part of an executive order issued by President Donald Trump back in March. The agency stated that moving to electronic payments is […]
Holds up from the IRS slow down electric vehicle sales as tax credit deadline approaches, say car dealers.
IRS Delays Impact EV Sales Amid Upcoming Tax Credit Expiration On April 30, 2025, reports have surfaced that the Internal Revenue Service (IRS) has been slow to approve and disburse federal tax credits for electric vehicles (EVs), which is causing significant issues for car dealers and affecting EV sales just as these credits are about […]
IRS informs court that Arizonans do not have the right to a tax refund on family rebate
The IRS informed the appeals judge that 750,000 residents of Arizona shouldn’t receive a $20 million class refund related to federal income taxes for state tax refunds in 2023. In a recent filing with the 9th Circuit Court of Appeals, attorney Anthony Sheehan from the Justice Department argued that Arizona’s payment method is indeed taxable. […]
IRS alters the process for receiving your tax refund
The IRS has announced a significant shift in how tax refunds will be distributed. Starting September 30th, it will stop issuing paper checks in line with a new federal requirement aimed at transitioning to electronic payments. The overall tax filing process will remain unchanged, but refunds will now be sent via direct deposits or other […]