The agency will review business expense claims for private travel. The Internal Revenue Service (IRS) announced that they are proceeding with tax audits to review the accuracy of…
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Senate Committee Chair Critiques Billionaire Life Insurance Plans
Senator Wyden decries the expense plans acting as legal tax havens for the ultra-wealthy. The Senate Finance Committee released a report this week after an 18-month investigation into…
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New House Bill Would Tax University Endowments
Legislation motivated in part by recent antisemitism. Some members of the House and Senate have expressed concerns surrounding the massive endowments colleges and universities receive from private donors…
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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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Treasury Reports $129 Billion Brought In on Tax Day
Financial analysts watching 2022 tax receipts closely. The Department of the Treasury released the daily financial statement for the annual tax filing deadline last week, showing a total…
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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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House Speaker Responds to President’s Proposed Budget
White House appears ready to negotiate. President Biden has submitted his budget to Congress. The $6.8 trillion budget addresses four main areas—deficit reduction, lower costs for families, Medicare…
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Labor Department Finalizes Secure Act Implementation
Assistant secretary for benefits announces changes to 5500 Annual Return Form. The Department of Labor announced changes to the 2023 Form 5500 Annual Return/Report of Employee Benefit Plan.…
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CBO Predicts Social Security Exhaustion in 10 Years
Old Age and Survivors Insurance Trust Fund needs to be addressed by Congress. A new report from the Congressional Budget Office shows the Old Age portion of the…
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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