Over 50,000 Bitcoin had been stolen from an illegal marketplace. The Department of Justice has announced its second-largest-ever seizure of cryptocurrency, $3.36 billion in Bitcoin. The cryptocurrency was…
Read MoreInternal Revenue Service
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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IRS to Increase Standard Deductions for 2023
They are responding to pressures of inflation. The Internal Revenue Service announced Tuesday that it is raising the income threshold for all tax brackets and will also increase…
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Average 401(k) Down $34,000 This Year
Americans have experienced more than $2 trillion in losses. New economic research has found that the average person’s 401(k) has lost some $34,000 in value since the beginning…
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Administration Fixes Obamacare “Family Glitch”
Gives 1 Million more Americans health care, mostly children. The Treasury Department and the Internal Revenue Service (IRS) published a final rule this week that fixes the Obamacare…
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House Bill Would Redirect IRS Funds to Border Patrol
Bill’s sponsor says failure to secure the border is a disaster. Representative Claudia Tenney of New York introduced legislation Wednesday that would redirect funds intended for the Internal…
Read MoreIRS Admits Website Exposure of Confidential Information
Officials say leaked taxpayer data did not include social security numbers. The Internal Revenue Service has acknowledge that private taxpayer information was accidentally disclosed on its website earlier…
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IRS Given Deadline for Overhaul
Treasury Secretary wants a plan within six months. Secretary of the Treasury Janet Yellen asked the Internal Revenue Service to develop an operational plan for deploying the $80…
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President Signs Inflation Reduction Act
Bill addresses taxes, healthcare, and climate On Tuesday, President Joe Biden signed the Inflation Reduction Act into law, one he said he had waited 18 months to sign. The…
Read MoreSecretary Yellen Prepares IRS for Inflation Act Policy
She says the budget increase will not impact middle-class tax audits. Secretary of the Treasury Janet Yellen sent a letter to the Internal Revenue Service (IRS) last week…
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