If you felt like your tax bill was a little bit higher this year, it wasn’t your imagination. Changes to the Tax Code, including the Net Income Investment Tax and the Medicare tax surcharge, help push taxes payable for many Americans upwards. Those higher tax bills helped grow revenues through fiscal year 2015 to date … Read more
This weekend, we’ll listen to a lot of speeches about how much we love this country and how thankful we are to live here. Peter and Joan Petrasek, of Seattle, chose to let their money talk for them. The couple recently left the Department of the Treasury nearly $850,000 as a bequest. The couple had … Read more
Carolyn Graham’s father died on Christmas Day, 1971. She was just 7 years old at the time. As a minor, she was eligible to receive Social Security survivor benefits; her mother was a representative payee until Graham turned 18. Last year, the 51 year old Graham, who works part-time at Pinkberry expected to receive a … Read more
There won’t be a government shutdown after all. Following a great deal of political rancor, the Senate and the House finally resolved their differences over the 2015 budget last night. Three months into the fiscal year, the Senate wrapped a final vote on the appropriations budget at 9:50 p.m., with 56 Senators voting yes, 40 … Read more
Internal Revenue Service Commissioner John Koskinen was prepared for the worst and that was pretty much what he got from the House. With just weeks remaining before the new tax season opens, the House walloped the embattled agency with $350 million in budget cuts. That’s in addition to earlier slashes to the IRS budget of … Read more
Worried about the upcoming tax season? So are IRS Commissioner John Koskinen and National Taxpayer Advocate Nina Olson. I sat down with both of them to talk about challenges for the upcoming season, including coping with budget cuts, increased compliance concerns due to ACA, FATCA and the extenders and a delay to the tax season.
Remember those missing IRS emails? The ones from Lois Lerner? They might not be missing after all.
Tonight, President Obama laid out his plan for immigration reform. It includes the requirement to “pay your fair share of taxes” – but what does that mean?
If your phone is still ringing with tax scams and IRS impersonations, you’re not alone. J. Russell George, the Inspector General, has referred to these ongoing schemes as “the largest scam of its kind that we have ever seen.” As IRS and TIGTA try to combat the growing problem of identity theft and tax scams, the fraudsters are hoping to stay a few steps ahead. They’re switching up their schemes in an effort to not get caught. Have you read about their latest efforts?
Earlier this year, the AICPA filed suit against the IRS to stop the new Annual Filing Season Program. The court has ruled and IRS gets the win (on procedure).