President and speaker come to an agreement. The House will vote Wednesday on a deal to increase the debt ceiling. The agreement would also cap some government spending over…
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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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IRS Answers 2.4 Million More Phone Calls in 2023
An increase in funding results in 5,000 additional staff hired. The Department of the Treasury released updated statistics this week about the performance of the Internal Revenue Service…
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IRS Commissioner Presents 2024 Budget Proposal to Senate
He advocates for increases despite skepticism. Commissioner of the Internal Revenue Service (IRS) Danny Werfel testified before the Senate Finance Committee, presenting the proposed 2024 budget for the…
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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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House Speaker Unveils Debt Limit Proposal
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…
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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…
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