Jeffrey Coolidge | Photodisc | Getty Images Black Americans are roughly three to five times more likely to face an IRS audit than other taxpayers, according to a new study. While there isn’t evi...
Tag: IRS
IRS Sends Crypto Tax Reminder, Crypto Daily TV 30/1/2023
In Todays Headline TV CryptoDaily News: South Korea plans to introduce crypto-tracking system. The Ministry of Justice in South Korea announced plans to introduce a crypto-tracking system to counter m...
IRS reminds taxpayers of crypto income reporting ahead of 2022 filing
With the deadline approaching for filing the 2022 federal income tax return, the Internal Revenue Service (IRS) — an enforcement agency of United States federal tax laws — released a list of reporting...
IRS Issues Reporting Obligations For Tax Payers Regarding Crypto Dealings
25 mins ago | 2 mins read Bitcoin News IRS has specified nine cases in which the answer must be “Yes.” Taxpayers who meet the qualifications must disclose any and all gains. The Internal Revenue Servi...
US IRS wants everyone to declare if they engage in crypto
The Internal Revenue Service (IRS), responsible for enforcing federal tax laws in the United States, recently published a list of reporting obligations for the general public regarding cryptos as the ...
Abolish the IRS and the Income Tax? Some Republicans Are Having Second Thoughts
A group of arch-conservatives in the House is pushing for a vote on a bill that would eliminate federal income taxes and the IRS, but some influential Republicans are pushing back against what appears...
My job is being eliminated and I will get a severance package. Is that considered income for IRS limits on Roth IRA contributions?
I know my job is being eliminated at the end of March 2023. I will receive a severance package paid out over a period of almost one year. I understand I will not be able to make 401(k) deductions from...
Fair Tax Combines Flawed Policy With Terrible Politics
The United States Capitol building getty Congressional Republicans shouldn’t surprised they’re under attack now that the Fair Tax, a proposal to replace the federal income tax with a 30% national sale...
Congress to Vote on Whether to Abolish the IRS and Introduce One National Tax Rate
Right now, the average price for a loaf of bread is, approximately, $1.87. Under a new law proposed by House Republicans, that price would go up to more than $2.50. This would be the result of the Fai...
Democrats Ridicule GOP’s Proposal To Eliminate Most Taxes And The IRS — And Create One National Sales Tax Instead
Topline Democratic leaders railed against GOP-backed legislation that would scrap some taxes and replace them with a steep national sales tax on Wednesday–a bill that has virtually no chance of passin...
Supreme Court Lets The IRS Evade The Eighth Amendment, Only Gorsuch Dissents
The U.S. Supreme Court on Monday declined to hear the case of Monica Toth, an 82-year-old grandmother who was fined over $2 million by the IRS for failing to file a one-page form. Represented by the I...
Democrats Ask Watchdog Group To Probe IRS For Failing To Audit Trump’s Taxes
Topline Democrats who were on a House panel that released former President Donald Trump’s tax returns last year asked a government watchdog group Monday to investigate the Internal Revenue Service for...
Tax season kicks off as IRS begins to deploy $80 billion in funding
kate_sept2004 | E+ | Getty Images Tax season kicked off for individual filers Monday with a bigger IRS customer service team and enhanced technology as the agency begins to deploy its nearly $80 billi...
Why the IRS Has an Interest in the FTX Bankruptcy Case
Of all the crypto bankruptcies over the past year, the FTX Chapter 11 proceeding is the only one that’s had a Department of Justice attorney assigned to represent the Internal Revenue Service. Deputy ...
Opinion: The days of IRS forgiveness for RMD mistakes may soon be over
Katie St. Ores has a 100% track record of getting her tax clients out of paying the steep penalty for missing a required minimum distribution from their retirement funds. That amounts to only two hous...
Biden Vows to Veto House Republicans’ ‘Fair Tax Act’ Proposing Elimination of IRS – Bitcoin News
Several U.S. House of Representatives Republicans have proposed legislation that would significantly decrease funding for the Internal Revenue Service (IRS). The move comes after the newly elected Spe...
President Biden Makes His Feelings Clear on House Republican Bill to Abolish IRS
A controversial proposal introduced by the newly elected, Republican controlled, House of Representatives has been making some headlines. It involves a scheme to get rid of the income tax in favor of ...
IRS says ‘Tax Day’ will be different this year — put these important tax dates on your calendar
It’s not too early to start thinking about your 2022 income-tax return, if you can bear the thought. That’s because the tax-filing season is scheduled to start on Monday, Jan. 23, the Internal Revenue...
Republicans Want to Abolish the IRS; How That Would Hit Your Wallet
While House Speaker Kevin McCarthy, R-Calif., was captivating a live audience with coverage of historically numerous votes for his new title, it was no secret he was making concessions to win votes fr...
Mega Millions Jackpot Swells To $1.35 Billion For Friday 13th Draw—Here’s The Tax Bill If You Win
Topline No one bagged Tuesday night’s billion-dollar Mega Millions draw, the lottery operator said, sending the jackpot soaring to $1.35 billion for the next draw on Friday the 13th, one of the larges...
House Republicans have voted to cut IRS funding
New U.S. Speaker of the House Kevin McCarthy, R-Calif., speaks with reporters in Washington, Jan. 7, 2023. Jon Cherry | Reuters House Republicans on Monday night voted to slash funding for the IRS, fo...
Here’s why the IRS would want to audit your taxes
After you file your taxes, you probably don’t want to think about them again until the next year. But if you’re too aggressive with certain deductions or credits, that could trigger an audit from the ...
Brother of Criminal Bitcoin Mixing CEO Pleads Guilty to Stealing 712 Bitcoins From IRS
He also “spent bitcoin extravagantly” at strip clubs and on private jet flights. Photos recovered from his cell phone show a lavish evening out at a club: Gary bathing in a tub full of cash, a blissfu...
Ohio Man Steals Over $12,000,000 in Bitcoin (BTC) From IRS, Faces 40 Years in Prison: Report
An Ohio man is facing decades in prison after pleading guilty to stealing millions of dollars worth of Bitcoin (BTC) from the Internal Revenue Service (IRS). According to a new press release from the ...
The IRS just warned that your tax refund could be ‘smaller in 2023’ — here are the 2 big reasons why and what you should do to respond
The IRS just warned that your tax refund could be ‘smaller in 2023’ — here are the 2 big reasons why and what you should do to respond The confetti’s cleared and the champagne glasses are ...
How Many Roth Conversions Per Year Does the IRS Allow?
SmartAsset: How Many Roth Conversions Can You Make Per Year? A Roth Individual Retirement Account (IRA) can offer tax benefits in the form of tax-free withdrawals in retirement. If you have a traditio...
IRS Wishes to Team Up With Crypto Companies to Battle Crime
A special agent from the IRS told the Wall Street Journal that the agency wishes to work with crypto companies to fight financial crime. He told the WSJ that the goal was a ‘symbiotic relationship.‘ T...