The entity reached a $122.9 million agreement with the U.S. Treasury Department. The U.S. Department of the Treasury has come to a $122.9 million agreement with the private…
Read MoreIncome Tax
IRS Seeks to Collect Back Taxes from Billionaires
The agency’s initiative is funded under the Inflation Reduction Act. The Internal Revenue Service (IRS) has launched an initiative to collect hundreds of millions of dollars in back…
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IRS Plans Fully Digital Tax Submissions for 2024
The agency expects to convert entirely to paperless processing by 2025. U.S. Treasury Secretary Janet Yellen announced that the Internal Revenue Service (IRS) will begin accepting digital tax…
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IRS Says 1.1 Million Returns Possibly Fraudulent
Senators also request IRS counter scams that defraud individual taxpayers. The Internal Revenue Service has flagged some 1.1 million 2022 tax returns for potential identity fraud requiring additional…
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President Biden Releases 2022 Tax Return
He reported an income of $579,514 and paid $137,658 in federal income tax. President Joe Biden and First Lady Jill Biden released their 2022 federal tax reports, revealing…
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CBO Predicts Summer Government Default
The rise of the debt ceiling is still being negotiated. The Congressional Budget Office has projected that the Treasury Department will run out of ways to prevent a…
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IRS Changes Tax Brackets for 2023 Tax Year
Officials cite inflation as the reason for the changes. The Internal Revenue Service announced it is making multiple changes to its tax code for 2023. They are including…
Read MoreProposed Legislation Aimed at Ending Federal Income Tax
The proposed Fair Tax Act would be based on consumption and sales tax. Representative Buddy Carter, along with 30 other House members, introduced a proposed bill called the…
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IRS Hires 4,000 Customer Service Reps
Being trained in taxpayer rights and technical account management. The Internal Revenue Service announced that 4,000 additional customer service representatives have been hired and are being trained to…
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