INFLATION REDUCTION ACT ADDS 87,000 IRS

Inflation reduction act adds 87,000 IRS. The newly passed Inflation Reduction Act will add according to the GAO an estimated 87,000 New IRS People. Republicans were quick to state that the Act would increase the chance of audits on ordinary American, although that seems more a political year hype, designed to sway voters. The IRS […]

MIDDLE CLASS WILL SEE ADDITONAL AUDITS

Middle class will see additional audits. According to House Republicans, Americans earning less than $75,000 a year are going to receive nearly 60% of the increased audits that will be performed by the IRS, once they gear up from the increased funding they just received from Congress. The reason for that, is that the IRS […]

ADDITIONAL MEASURES TO CURE IRS BACKLOG

Additional measures to cure IRS backlog. During the initial Covid lockdown, the IRS and other government agencies, along with households and private industry, were all locked down for the first six months. The IRS is still recovering from that initial lockdown. In the beginning, estimates ranged that the IRS had fallen behind in processing between […]

CONTROVERSY OVER TAX CUTS AND JOBS ACT

Controversy over Tax Cuts and Jobs Act. When then President Trump passed the Tax Cuts and Jobs Act, which gave 85% of the tax cuts to the wealthiest 5% of Americans, not a single Democrat voted for the bill. But Trump wanted to deliver for the donors who gave to him massively and got him […]

IRS UNDER SCRUTINY FOR POLITICAL AUDITS

IRS under scrutiny for political audits. Democrats were seen raising pressure on the IRS, to explain why foes of former President Trump were targeted for a extensive audit after being fired from their government jobs. IRS Commissioner Charles Rettig was questioned about this by the tax writing House Ways and Means Committee, asking Rettig about […]

NEW TONED DOWN INFLATION ACT

New toned down inflation act. The bill that President Biden wanted passed, had a climate change proposal in it, to finally address the warming of planet earth. It also had some parts that several Senators questioned, and one decided a portion of the bill had to go, for her support. Key centrist Senator Joe Manchin […]

INFLATION ACT WOULD HELP DRUG PRICES

Inflation act would help drug prices. The now under consideration “Inflation Reduction Act” has one component that the large majority of Americans overwhelmingly support, negotiating the price of drugs for the American people. The United States is one of the only developed countries in the world that does not do that for its people. In […]

REPUBLICANS AND DEMOCRATS AT ODDS

Republicans and Democrats at odds. It seems that one of the biggest differences of opinion between Democrats and Republicans is over funding the IRS, to collect more money to stem the deficit and to catch the Tax Cheats that the Pandora Papers and Panama Papers outlined in recent years. It seems like the rich, who […]

MANCHIN APPROVES OF INFLATION REDUCTION ACT

Manchin approves of inflation reduction act. The legislation that Sen. Joe Manchin finally decided to get behind would represent one of the biggest pieces of legislation, regarding a move towards climate change proposals, ever in the United States. The nonpartisan Committee for a Responsible Federal Budget stated that the legislation would put nearly $385 billion […]

ESTATES CAN ELECT LATE PORTABILITY OPTION

Estates can elect late portability option. The IRS issued revenue procedure 2022-32 that allows estates to elect “portability” of a deceased spousal unused exclusion exclusion amount as much as five years after the decedent’s date of death. Estates of decedents dying after Dec. 31, 2010, who are survived by a spouse, if not required to […]