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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Treasury Secretary Supports IRS Commissioner Nominee
Daniel Werfel served in the IRS under President Obama. Secretary of the Treasury Janet Yellen has voiced her support of President Biden’s nomination of Daniel Werfel to the…
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Justice Department Seizes $3.36 Billion in Cryptocurrency
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…
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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…
Read MoreIRS 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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