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…
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Proposed 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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New House Rules Contain Major Reforms
Rules package was approved Monday night. The House of Representatives has approved a rules package that is intended to control government spending, reduce bureaucracy, and challenge leadership. The…
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Treasury Requests Public Input on Climate Tax Policies
$270 billion is being dedicated to various climate tax incentives. The Treasury Department recently issued three requests for public input, asking for comments on how best to implement…
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President Calls for Oil Companies to Reinvest Profits
He urged Congress to raise their taxes if production is not increased. President Joe Biden has urged Congress to increase taxes on oil and gas companies’ profits if…
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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…
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U.S. to Host Indo-Pacific Economic Framework Ministerial
This will be the first in-person meeting to deepen economic ties in the region. U.S. Secretary of Commerce Gina Raimondo and U.S. Trade Representative Katherine Tai will be co-hosting…
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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…
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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