IRS unveils plan to close tax loophole for pass-through businesses – CNBC
IRS Commissioner Danny Wuerfel testifies before the House Appropriations Committee in Washington, DC on May 7, 2024. Kevin Dietsch | Getty Images The U.S. Treasury Department and the IRS on Monday announced a plan to “close significant tax loopholes” exploited by large, complex partnerships that could raise an estimated $50 billion or more in tax […]
WILFORD: Nobody Asked For The New IRS Direct File Program
The IRS has made a habit of late of doing whatever it wants, with little regard for legal or constitutional constraints. From its lackadaisical attitude toward its failure to properly safeguard thousands of tax returns to repeated Supreme Court rebukes to half-baked plans to snoop on taxpayers’ bank accounts, the agency is developing a reputation […]
IRS hit Americans with $7B in tax penalties last year
The report said the Internal Revenue Service assessed $7 billion in penalties last year, nearly four times the $1.8 billion it assessed in 2022 after the Biden administration boosted the agency’s staffing. The bulk of the penalties will be assessed to people who underpaid quarterly estimated income taxes, including business owners, gig workers, investors and […]
Americans Suffered $7B In Tax Penalties Last Year Following Biden Admin’s Additional Funding Of IRS, Thousands Of Added Positions
(Photo by Zach Gibson/Getty Images) OAN’s Brooke MalloryFriday, June 14, 2024 3:11 PM The Internal Revenue Service reportedly assessed $7 billion in additional tax penalties last year, nearly four times the $1.8 billion it assessed in 2022 following the Biden administration’s push to fund the IRS and beef up enforcement. advertisement In 2022, the Biden […]
Biden’s IRS is using scare taxes to discourage legitimate tax strategies
IRS (Internal Revenue Service) Continues to issue press releases containing selective or misleading data It casts a long shadow of doubt on a perfectly legal tax-cutting strategy: Why would the IRS continue to do it? The IRS’s intention is clear: to scare taxpayers, especially high-income taxpayers, into paying more tax than they need to. Don’t […]
Democrats fume over Republican plan to cut IRS funding, defund Direct File
Democrats are infuriated by Republican proposals to cut funding to the IRS and end funding for the agency’s new free online tax filing system. Democrats on the House Ways and Means Committee in a statement on Thursday called the GOP’s latest Financial Services and General Government (FSGG) budget bill “disastrous” and slammed Republicans for risking […]
EXCLUSIVE: House Oversight Chair Probes IRS On Potentially Illegal ESG Practices
House Oversight Committee Chairman James Comer sent a letter Thursday to IRS Commissioner Daniel Werfel, inquiring about how how environmental, social and governance (ESG) actions by retirement plan administrators violate the IRS Internal Revenue Code (IRC). The Daily Caller first obtained a copy of the letter, in which Comer requests information about state pension fund […]
House GOP proposes IRS funding cuts, defunding free tax filing system
House Republican appropriators are proposing to cut funding to the IRS and eliminate a free online tax filing system that the Treasury Department recently made permanent and promised to expand to other states. The House Appropriations Committee’s latest Financial Services and General Government (FSGG) bill “[prohibit] Funds used by the IRS to develop government-run tax […]
More Americans will be able to file their taxes for free through the IRS next year – CNBC
“The Treasury Department and the IRS look forward to working with states to expand direct tax return filing to Americans across the country,” Treasury Secretary Janet Yellen said in a statement. In 2024, filers in 12 states who have “simple” tax situations, such as making less than $200,000 a year from W-2 income alone, Try […]
IRS makes free tax return program permanent and is asking all states to join in 2025 – The Associated Press
WASHINGTON (AP) — The IRS is offering free Electronic Tax Return Filing System The company is piloting the program this year and is asking all 50 states and the District of Columbia to help taxpayers file their taxes through it in 2025. The I.R.S. Direct File Projects for the 2024 tax season Limited to 12 […]