Debt ceiling would go up, and discretionary spending would come down. House Speaker Kevin McCarthy of California revealed a plan to increase the debt limit and cut government…
Read MoreInternal Revenue Service
Secretary Yellen Proposes Treasury Budget for 2024
Secretary highlights the IRS, anti-Russia efforts, and recent bank saves as part of her budget proposal. Secretary Janet Yellen testified before the House Committee of Financial Services and…
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Senate Confirms IRS Commissioner
He had been the acting commissioner. The Senate confirmed Danny Werfel on Thursday as the Commissioner of the Internal Revenue Service. During his hearing in February, Werfel said,…
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IRS Releases Corporate Alternative Minimum Tax Information
The guidance clarifies the 15% minimum policy introduced through Inflation Reduction Act. The Department of the Treasury and the Internal Revenue Service (IRS) have released official guidance for…
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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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House Votes to Repeal 87,000 IRS Agent Funding
Part of the “Commitment to America” agenda. The House of Representatives voted to repeal part of the Inflation Reduction Act that provided funding to hire up to 87,000…
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President Renominates Lapsed Leadership Appointees
Heads of IRS, FAA, and Indian ambassador resubmitted to the new Senate. President Joe Biden renominated a number of his choices for key federal positions to the new…
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Treasury and IRS Announce Opening of EV Tax Credits
Questions remain regarding country of assembly eligibility. The Department of the Treasury and the Internal Revenue Service released additional information regarding tax benefits on clean vehicle provisions under…
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Withdrawals From Retirement Plans Increase
Americans are taking “hardship” withdrawals from 40(k) plans. The Internal Revenue Service allows hardship withdrawal from retirement funds without penalty when there is an immediate or heavy financial…
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