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The Latest Breaking News from IRS

Child Tax Credit 2023: Who Qualifies and What It’s Worth

How much will your child tax credit be for 2023?

Kiplinger

Allegations that the charity George Santos claims to have run was fake highlight how scams divert money from worthy causes

Rep. George Santos, the New York Republican whose 2022 election to the House of Representatives flipped a seat previously held by a Democrat, faces pressure to resign for having reportedly lied extensively about his education, employment history and religious heritage. He also faces allegations that he may have participated in…

The Conversation

Biden condemns ‘fiscally demented’ congressional Republicans for IRS and tax agenda

President asks ‘what in God’s name is that all about?’ as the new House GOP majority outlines its priorities

The Independent UK

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read the most diverse news in one place.

How McCarthy’s speaker deals will cause ‘cannibalistic brawl among extremists’

The deals struck between Kevin McCarthy and the far-right House Freedom Caucus will give the most conservative figures considerable power

The Guardian - US

Heirs of Subway’s billionaire founders could become some of America’s richest people overnight in a $10 billion sale deal

Subway has been owned by its two founding families for more than five decades.

Fortune

NOT REAL NEWS: A look at what didn't happen this week

Social media users shared a range of false claims this week

The Independent UK

Whatever the Fate of the Fair Tax Act, Congress Should Still Abolish the IRS

Getting rid of the much-despised tax agency would be a good idea. It’s unlikely to happen anytime soon.

Reason

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Alexis Leondis: The IRS needs billions to make trillions

Regardless of how you feel about the Internal Revenue Service — it’s dysfunctional, it’s underfunded, or both — there’s a basic point that’s hard to refute: The current system to ferret out wrongdoers is terrible. And in a move that will only make it worse, House Republicans voted Monday to…

Tribune News Service

House Republicans Want a Vote On the FairTax. Is It Worth Supporting?

The status quo is certainly worth challenging.

Reason

Residential school system recognized as genocide in Canada's House of Commons: A harbinger of change

In a historic move, Canada’s House of Commons unanimously recognized the Indian Residential School System (IRS) as genocide on Oct. 27, 2022.

The Conversation

Watchdog sees 'light at the end of the tunnel' for the IRS

The IRS is beginning to see “a light at the end of the tunnel” of its customer service struggles, thanks to tens of billions of new money from the Democrats’ climate and health law and the authority to hire more people

The Independent UK

GOP's top agenda: Protecting Trump

Yeah, the GOP is coming for Biden, but the new House majority's No. 1 job is shielding Trump from accountability

Salon

Commentary: House Republicans’ first order of business? Balloon the $31 trillion national debt

Republicans have long claimed they are dedicated deficit hawks, blaming Democrats for growing deficits and debt. But two votes they cast after electing Kevin McCarthy as House speaker prove that Republicans are charlatans when it comes to deficit reduction.

Los Angeles Times

How Congress cracked down on tax scam

New law shuts down “syndicated conservation easements” that exploit charitable tax break meant to preserve lands

Salon

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news in one place.

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Los Angeles Times

IRS gives drenched Californians an extra month to file tax returns

The Internal Revenue Service offered a lifeboat of sorts Tuesday to California residents and businesses floundering in the atmospheric river: More time to pay their income taxes.

Al Jazeera

US House Republicans get to work, but Democrats raise concerns

The lower chamber of US Congress has approved a new rules package that includes concessions to far-right lawmakers.

Fortune

Don't tell friends or family if you win $1.1 billion Mega Millions jackpot, experts advise

The temptation to throw a lavish part to celebrate will be strong—but keep it quiet, financial gurus say.

Reason

House Republicans To Probe White House Pressure on Social Media Companies

Plus: House votes to rescind IRS funding, the FDA is putting unnecessary strings on pharmacies filling abortion pill prescriptions, and more...

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news in one place.

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Tribune News Service

In first act, GOP-controlled House takes aim at IRS funding

WASHINGTON — The new Republican-controlled House passed a bill to claw back $71.5 billion in funding for the IRS that was part of Democrats’ climate, tax and health care reconciliation law last year.

Roll Call

In first act, GOP-controlled House takes aim at IRS funding - Roll Call

The new Republican-controlled House passed a bill to claw back funding for the IRS that was part of Democrats’ reconciliation law last year.

Tribune News Service

Editorial: IRS gets financial windfall, but keeps same old stripes

Congressional Democrats last year showered the IRS with $80 billion in new funding in an effort to close an estimated $600 billion “tax gap,” the difference between income taxes actually owed and those actually collected. This was supposed to help pay for the Biden administration’s ongoing spendapalooza that has run…

Axios

House Republicans pass bill to slash IRS funding in first act of new Congress

The bill is unlikely to pass the Democratic-led Senate.

The Independent UK

House GOP kicks off majority with vote to slash IRS funding

House Republicans have began their tenure in the majority by passing a bill that would rescind nearly $71 billion that Congress had provided the IRS

Motor1

IRS Says Ford Escape, Cadillac Lyriq Aren't SUVs

In Cadillac's case, the classification means the Lyriq doesn't get a $7,500 EV tax credit.

Tribune News Service

Rep. Jason Smith wins three-way contest for Ways and Means gavel

WASHINGTON — Rep. Jason Smith, a self-proclaimed “firebrand” preaching a populist image of the GOP, won the nomination to be chairman of the Ways and Means Committee.

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Marjorie Taylor Greene

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