Inflation Reduction Act Will Restore IRS Staffing To 1995 Level By 2026

WASHINGTON, DC – AUGUST 4: (LR) Sen. Mitt Romney (R-UT) talks with Sen. Kyrsten Sinema (D-AZ) … [+] outside the US Capitol August 4, 2022 in Washington, DC. Negotiations continue on the Senate budget reconciliation deal, which Senate Democrats have named The Inflation Reduction Act of 2022. The bill is expected to include $370 billion … Read more

The Health Care Savings Face-Off: HSA Vs FSA

Couple discussing paper documents getty Both HSAs and FSAs provide tax savings on health care costs. Depending on your personal and family needs, one might be better than the other in any given year. This decision can seem overwhelming for most of us. With a little understanding of how each account works and the strategies … Read more

IRS Has Guns, Inflation Reduction Act Will Unleash Tough IRS On Taxes

The Schumer-Manchin tax bill, the ‘Inflation Reduction Act’ which just passed the Senate, raises taxes and will give the IRS billions to go into what the Wall Street Journal called ‘beast mode.’ In all, the meant-to-be-inflation buster bill will dole out about $80 billion in IRS funding to increase enforcement. think big, really big. In … Read more

What The IRS Funding In The Inflation Reduction Act Means For Taxpayers

Selective focus creates a three dimensional effect to the portrait by Gilbert Stuart. getty The race to pass the Inflation Reduction Act (HR 5376) is on, and while there’s plenty at stake for some corporate taxpayers, and those in the energy space in particular, the financial stakes are also high for the IRS. There is … Read more

Embryos With Heartbeat Qualify As Dependents On Georgia Taxes

Parents can traditionally claim their kids as dependents on their tax returns. You can’t claim your pets, although people have groused about that for years. Up until now, a person had to be born to qualify as a dependent, but in Georgia, taxpayers can now claim embryos as dependents, according to a Georgia Department of … Read more

The Tax Impact Of The Inflation Reduction Act

Closeup of the documents of the American Rescue Plan Act of 2021, a $1.9 trillion economic stimulus … [+] package proposed by President Biden to speed up the recovery. getty On Sunday, July 31, 2022 Senator Joe Manchin of West Virgina did a “full Ginsburg” that is he appeared on the five major Sunday morning … Read more

IRS Extends Tax Return Due Dates For Kentucky Storm & Flood Victims

The IRS has announced that Storm victims in parts of Kentucky now have until Nov. 15, 2022, to file various individual and business tax returns and make tax payments. The IRS gives the relief to any area designated by the Federal Emergency Management Agency (FEMA) as qualifying for individual or public assistance. Currently, individuals and … Read more

Cryptocurrency Should Be Taxed As Investments, Not Money

Physical imitation of Bitcoins (Photo by Ozan KOSE/AFP) (Photo by OZAN KOSE/AFP via Getty Images) AFP via Getty Images Senators Pat Toomey (R-PA) and Kyrsten Sinema (D-AZ) have proposed exempting cryptocurrency transactions of $50 or less from capital gains taxes. While it seems like a modest tax change, it could have profound effects on how … Read more

Winner Of $1.28 Billion Lottery Gets $433.7 Million After Tax

Someone in Illinois bought the winning ticket, and if he or she does like most winners, they will take the lump sum, not the annuity. The $1.28 billion prize, which is the second-largest jackpot in Mega Millions lottery history, can be claimed in a lump sum or over time. The 1.28 billion is only if … Read more

Best Tax News Of The Year

UNSPECIFIED – CIRCA 1800: First meeting of George Washington 1732 to 1799 with Alexander Hamilton … [+] 1755 or 1757 to 1804 After Alonzo Chappel from Life and Times of Washington Volume 1 published 1857 (Photo by Universal History Archive/Getty Images) Getty Images US Tax Court Chief Judge Kathleen Kerrigan’s order and decision recognizing Aegis … Read more