The US Supreme Court on Thursday rejected a proposed limit on the IRS’s ability to demand a bank account holder’s records without giving notice as part of an effort to collect on someone else’s delinquent taxes.
The IRS is testing a system that would allow taxpayers to file federal tax returns for free online directly with the agency, with a pilot program launching for some filers next year.
Earlier this month, a group of Senators sent a letter to IRS Commissioner Danny Werfel about the use of AI—artificial intelligence—technology, including ChatGPT, to engage in scams aimed at taxpayers.
Many taxpayers like the notion of a do-it-yourself plan for preparing and filing their tax returns digitally for free through an IRS-run system.
President Joe Biden said over the weekend that debt ceiling negotiations were moving along and that talks between the White House and House Speaker Kevin McCarthy would resume on Tuesday.
The prototype program developed by the federal government could be available for a small group of taxpayers by January
President Joe Biden’s 2024 budget proposals contain several proposals that could hit small businesses right where it hurts — their wallets. Proposals in the budget include boosting the top capital gains rate for income over $1 million, eliminating the so-called “step-up in basis” loophole, expanding who has to pay investment income tax and at what rate, and bumping up the corporate tax rate.
A cornerstone of U.S. tax policy (and for many other countries) has been to encourage and support research and development (R&D) in this country. Policymakers on both sides of the aisle have long recognized the importance of incentivizing companies to engage in R&D.
An item in the IRS’s strategic operating plan to centralize its enforcement function could herald the most substantial reorganization for the agency since 1998 — or it may fizzle out altogether.
The Inflation Reduction Act (IRA) was signed into law last summer in an effort to stem the rising inflation. Within the IRA was an enhancement to the 179D Energy Efficient Commercial Buildings Deduction. 179D itself is essentially providing an incentive for organizations to use more energy efficient technologies for their buildings.