In the wake of the Jan. 6, 2021, Capitol incursion, the Treasury Department’s Financial Crimes Enforcement Network, known as FinCEN, asked financial institutions to use search terms like “TRUMP” and “MAGA” to comb through customer data on purchases of items like bus tickets, books or subscriptions looking for indicators of “extremism” FinCEN also provided slides […]
A new report from the Internal Revenue Service lays out a roadmap for the future and reveals that President Joe Biden’s 2025 budget would bar cuts to the IRS until 2034. The report also noted that audits on what the IRS calls the “wealthiest taxpayers, large corporations and large, complex partnerships” will vastly increase when […]
WASHINGTON — The IRS said Thursday that it has taken steps to address a wide disparity in audit rates between Black taxpayers and others filers, and is more closely examining the returns of larger numbers of wealthy people and major companies. “We are overhauling compliance efforts to advance our commitment to fair, equitable, and effective […]
The IRS struggled in the first year of its Direct File program, falling short of its original goal with just a little more than 140,000 people taking advantage of the online pilot program for calculating taxes without resorting to a paid option like TurboTax. Biden administration officials insisted the pilot was still a success, saying […]
I’m sitting here dreading my annual email from the VodkaAccountant™ detailing how much of my savings the IRS will confiscate this year. Maybe I wouldn’t mind so much if the roads didn’t suck and our national defense establishment wasn’t being slowly hollowed out. World-class interstates and a world so impressed with our military prowess […]
“Never trust a man who lays his hand on his heart when he assures you of anything,” goes the old axiom. That’s why I never trust a Democrat who makes any promise ever about a federal agency or program. Take Medicare. In 1966 when Medicare began, it cost $3 […]
The Internal Revenue Service is sending out more than 125,000 compliance letters to Americans it says have not paid taxes. The effort is part of how the IRS is spending money it was given under the Inflation Reduction Act, according to an IRS news release. The CP59 notices of a failure to file will cover […]
WASHINGTON — The IRS plans to go after 125,000 high-income earners who did not file tax returns going back to 2017 – and the agency expects to collect roughly $100 billion in back taxes. Beginning this week, the IRS will start sending out noncompliance letters to more than 25,000 people who earn more than $1 […]
IRS Commissioner Daniel Werfel promised taxpayers a much smoother experience this year than in the past and insisted to Congress on Thursday that the agency has fixed the security holes that allowed a contractor to steal tens of thousands of taxpayers’ personal information. In high-profile testimony, Mr. Werfel said the IRS has made major strides […]
House Oversight Committee Chairman James Comer is investigating the IRS for going easy on liberal nonprofit groups, saying it appears the tax-collection agency is letting them engage in lobbying and politics despite registering as tax-exempt charities. Mr. Comer said he’s particularly troubled by One Fair Wage Inc., which pushes for a higher minimum wage for […]
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