IRS to test a limited pilot in 2024 for its own free ‘Direct File’ option
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.
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.
The IRS on Thursday released a plan for the nearly $80 billion in agency funding enacted through the Inflation Reduction Act in August — including expected boosts for customer service, technology, and enforcement.
The IRS on Thursday released its $80-billion plan to begin the agency’s modernization efforts, which will introduce new digital tools, streamline tax processes, and offer more assistance to taxpayers.
The IRS is planning how it will use the $80 billion allocated to the agency under the Inflation Reduction Act — and how it will successfully recruit new employees