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The Latest Breaking News from Internal Revenue Service

The IRS is increasing the standard deductions for 2023 as inflation intensifies

The IRS is increasing energy-related tax breaks, as well as standard deductions for single and married people and heads of households.

WEKU

U.S. IRS identifies 79 tax fugitives in Mexico, neighbors

The Internal Revenue Service's Criminal Investigation unit said on Thursday it has located 79 tax evasion fugitives in Mexico, Belize, El Salvador, Guatemala and Honduras in the first year of a new extradition initiative.

Reuters

NY probe found potential crimes. Why isn't Trump in cuffs?

New York’s attorney general isn’t arresting former President Donald Trump even though she says her three-year investigation uncovered potential crimes in the way he ran his real estate empire

The Independent UK

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Biden likely to nominate estate-tax expert as IRS’s top lawyer

President Joe Biden is likely to nominate Beth Kaufman, a partner at the law firm Caplin & Drysdale, to be the top lawyer at the Internal Revenue Service as the White House prepares to overhaul the agency’s leadership, according to people familiar with the matter.

Tribune News Service

The IRS is getting a lot more money for audits. Should you be worried?

Did a shiver go down your spine when you heard that Congress is pouring a whopping $80 billion into the Internal Revenue Service over the next 10 years to beef up the nation's tax collection system?

Los Angeles Times

Brickbat: Too Much Information

The Internal Revenue Service posted to its website confidential information for 120,000 taxpayers with retirement accounts invested in assets like master limited partnerships and real-estate investment trusts. Those taxpayers, as well as tax-exempt nonprofits, must file 990-T forms. Only the information for the nonprofits was supposed to be posted. IRS…

Reason

The IRS says it mistakenly made public data for about 120,000 taxpayers

The data — which included individual names and business contact information — was public on the IRS.gov website for about a year until an employee noticed the mistake recently.

WEKU

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IRS mistakenly published some taxpayers’ confidential data

WASHINGTON — The Internal Revenue Service mistakenly published confidential data for 120,000 taxpayers on its website before realizing the error and taking down the data, the Treasury Department said.

Tribune News Service

Fact check: Will middle-class taxpayers really face an ‘army’ of IRS agents?

WASHINGTON — Look out, warn the Republicans. The Internal Revenue Service is about to unleash an army of agents eager to audit you and cost you a lot of money and aggravation.

McClatchy Washington Bureau

What are capital gains? How are they taxed?

About two-thirds of individual capital gains subject to tax are from selling corporate stock; the remainder is from property sales.

USAFacts

IRS will refund penalties to California taxpayers who filed late in early COVID years

Californians who paid their 2019 or 2020 income taxes late could be getting refunds on the amounts they paid in penalties, the Internal Revenue Service said Wednesday.

Tribune News Service

IRS initiates safety probe after threats to workers

The Internal Revenue Service says it is conducting a comprehensive review of safety at its facilities

The Independent UK

Clive Crook: Want a better IRS? Simplify the tax code

One of the most conspicuous parts of the tax-and-spending package known as the Inflation Reduction Act is vastly expanded funding for the Internal Revenue Service. The promised flood of cash — an additional $80 billion over 10 years, compared with baseline annual spending of around $15 billion — raises some…

Tribune News Service

Armed ... auditors? The IRS becomes the latest target of GOP misinformation

Some Republicans have spread false information about how new funds will be used by IRS, stoking outrage and alarming experts

The Guardian - US

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WEKU

The IRS just got $80 billion to beef up. A big goal? Going after rich tax dodgers

The big climate and health care bill passed by the House Friday includes billions in new funding for the IRS over the next decade. Most of that money is aimed at catching wealthy tax cheats.

Reason

Don't Believe the White House's Promises About Who the New IRS Will Audit

Media "fact-checkers" are taking administration promises at face value and using them to bludgeon Republicans.

The Independent UK

Congress can get Trump tax records, appeals court rules

A federal appeals court is siding with Congress in a fight over former President Donald Trump's tax returns

Tribune News Service

Wealthy Americans escape tax hikes in bill but will face beefed-up IRS

Wealthy Americans dodged getting hit by tax increases in the Democrats’ economic package, but they likely will face a much better-funded Internal Revenue Service equipped with new auditors and technology to uncover tax avoidance.

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The Independent UK

Tougher IRS enforcement central to Dem economic package

One of Washington’s favorite punching bags, the Internal Revenue Service, may finally get the resources it’s been asking Congress for if Democrats get their economic package focused on energy and health care over the finish line

Benzinga

StateHouse Holdings Reaches Agreement With IRS To Resolve Legacy Federal Tax Obligations

StateHouse Holdings Inc. (OTCQX: STHZF) (CSE:STHZ) has reached a partial payment installment agreement with the Internal Revenue Service related to the fed

Reason

China Kinda Sus: Indictment for "Transnational Repression Scheme to Silence Critics" of China in U.S.

Defendants include a DHS employee and a retired DHS law enforcement agent.

Tribune News Service

Feds open investigation of former Detroit Mayor Kilpatrick to recoup taxpayer money squandered in scandal

DETROIT — Federal prosecutors opened an investigation Thursday in an effort to force former Detroit Mayor Kwame Kilpatrick to pay restitution to taxpayers amid questions about whether he had started paying $1.7 million debt to the city and Internal Revenue Service.

St. Louis Post-Dispatch

Editorial: 2 'random' IRS audits miraculously target 2 high-profile Trump enemies

James Comey and Andrew McCabe, who both headed the FBI and both clashed with then-President Donald Trump, found themselves miraculously selected for “random” deep-dive audits by the Internal Revenue Service in 2019 and 2021. The chance of both Comey and McCabe being randomly selected out of more than 150 million…

Tribune News Service

California taxpayers told they owe the IRS money when they already paid. Here’s why

SACRAMENTO, Calif. — The Internal Revenue Service has sent letters to taxpayers throughout California telling them they owe money — and hefty penalties and interest — for their 2021 taxes even though they had already paid everything they were obligated to pay.

The Independent UK

IRS erases last season's backlog, but still faces 2022 crush

The Internal Revenue Service says that it will have erased its backlog of last season’s tax returns by the end of this week

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