The Senate Finance Committee this week voted to advance Daniel Werfel’s nomination to become IRS commissioner amid fierce debate over the agency’s $80 billion in funding.
There has recently been a fair amount of activity in the world of Section 179D – an important tax incentive for energy efficient building design. As background, in 2005, Congress enacted Section 179D of the Internal Revenue Code, – the energy efficient commercial building deduction – in an effort to impact the country’s largest consumer of energy, our buildings, and to encourage and incentivize the construction (including rehab) of greener buildings.
President Joe Biden’s nominee to lead the IRS answered questions during a Senate Finance Committee hearing this week, highlighting key issues from lawmakers on both sides of the aisle.
The Inflation Reduction Act (IRA) is potentially transformative for small- to medium-size businesses (SMBs), but along with taking advantage of the new benefits it and other government programs have to offer, SMBs must be aware of critical nuances that could impact their tax filing this season.
Howard Silverblatt, the longtime senior index analyst for S&P Dow Jones Indices, had it right when he said that because the U.S. buyback tax had bipartisan support, there was a good possibility the 1% tax was “only the opening move.”
With the start of another tax season, businesses in the automation and manufacturing industries are forced to evaluate how persisting economic and industry trends have impacted their profit margins and viability.
In its recently released Strategic Plan for Fiscal Years 2022-2026, the IRS described how it will leverage technology and data analytics as a key component for achieving its goals within four strategic areas: service, enforcement, people, and transformation. In the plan, the IRS listed “improving data management and analytics” as one of its six focus areas for improving taxpayer experience and transforming the agency.
No, the IRS isn’t going away. In fact, concerns about audits are ticking up. As small businesses prepare for tax season, there are still plenty of benefits…
The National Taxpayer Advocate expressed hope that better days were ahead for the tax collection agency.
House Republicans on Monday night voted to slash funding for the IRS, following a pledge from newly-elected Speaker Kevin McCarthy to repeal the money approved by Congress last year.