AICPA RECOMMENDATIONS EXECUTED AT IRS

AICPA recommendations executed at IRS. In a letter filed with the IRS and Treasury Department officials, Jan F. Lewis, CPA, and chair of the AICPA Tax Executive Committee stated to IRS Commissioner Charles Retig, and Lily Batchelder, Treasury’s assistant secretary for tax policy, several recommendations they deemed critical to getting the IRS back to operational […]

INFLATION REDUCTION ACT AND TAXES

Inflation Reduction Act and taxes. After years of the public complaining about the rich not paying their fair share of taxes, the new Inflation Reduction Act will add a little more to the amount that those earning over $400,000 and large corporations have to pay to the IRS. The bill will also change certain tax […]

CASE AGAINST TRUMP EXECUTIVE GOING ON

Case against Trump executive going on. Allen Weisselberg, Donald Trump’s executive in charge of the Trump organization’s day to day operations has tried to get out of a criminal lawsuit that has been going on for some time. Well, his time has run out. The Manhattan Judge overseeing the case declined to throw out the […]

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 […]