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The Latest Breaking News from IRS

Sen. Manchin backs $369 billion energy-climate plan, rejects SALT

WASHINGTON — Sen. Joe Manchin and Majority Leader Chuck Schumer have struck a deal on a tax, energy and climate policy bill, breaking a deadlock on the Democrats’ long-sought legislation to enact major parts of President Joe Biden’s agenda.

Tribune News Service

Backdoor Roth IRAs: Good for Wealthy Retirees?

A backdoor Roth IRA is a tax loophole that enables wealthier individuals to earn tax-free income. But it's complicated.

Kiplinger

Crypto Crash 2022 - Is Cryptocurrency Still Worth the Fight In A High Net Divorce?

By Sean M Cleary The all-time highs of cryptocurrency in 2021 now seem like a distant memory, as the 2022 crypto crash has seen major digital assets give back the gains made during their historic bull run. So, what is causing the crypto crash?

Benzinga

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If you lost money in crypto, here's how you can get some back

If you lost money in cryptocurrency this year, there's a bit of good news. You can claim that loss on your taxes.

The Philadelphia Inquirer

Illinois Gov. Pritzker gave Democratic governors’ group $24 million to fund ads that helped nominate his GOP opponent

CHICAGO — In addition to spending more than $62 million en route to an easy win in the June primary, Illinois Gov. J.B. Pritzker also gave $24 million to the Democratic Governors Association, which then spent millions on TV ads encouraging Republicans to vote for his favored GOP challenger, state…

Chicago Tribune

Texas charity that backs Trump’s stolen-election lie has deep ties to Ken Paxton

The Texas attorney general would be the one to hold True the Vote accountable on allegations that it swindled a $2.5 million donor. But the nonprofit’s founder has been a friend and an ally.

The Texas Tribune

The Wash Sale Rule: Six Things to Know to Avoid Tax Pitfalls

The wash sale rule is important when you are selling and rebuying stocks to offset losses.

Kiplinger

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Steeda Building Modded Ford Mustangs, Explorers For Police Duty

Both the Mustang and Explorer SSV's by Steeda feature the best suspension the aftermarket has to offer.

Motor1

Chennai: CGST commissioner suspended over sexual harassment charges

CHENNAI: The Commissioner of Central Goods and Services Tax (CGST), Chennai Zone, S Ravi Selvan, has been placed under suspension based on a complaint of sexual harassment filed by a fellow woman IRS officer.

The Times of India

IRS head is getting questioned by lawmakers after former FBI officials were audited

IRS Commissioner Charles Rettig, who was appointed by President Trump in 2018, will face questions behind closed doors from lawmakers in the House and Senate before the end of the month.

WEKU

Democratic bill would mandate new IRS free tax-filing program

WASHINGTON — Sen. Elizabeth Warren is leading fellow Democrats in renewing a push for the IRS to create its own free tax-filing services and move away from its current private partnership, whose services only a slim portion of taxpayers use.

Tribune News Service

Democratic bill would mandate new IRS free tax-filing program - Roll Call

Sen. Elizabeth Warren is leading fellow Democrats in renewing a push for the IRS to create its own free tax-filing services.

Roll Call

House centrists could derail Manchin reconciliation deal with demand for no new taxes

Trying to modify the potential deal could scuttle the entire package.

Axios

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.

Tribune News Service

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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

IRS audits of ex-FBI chiefs Comey and McCabe, called traitors by Trump, prompt probe

WASHINGTON — The odds of matching six numbers in the Texas Powerball lottery are 1 in 25 million. That’s three times better than the odds that two former FBI directors deemed traitors by then-President Donald Trump, James Comey and Andrew McCabe, were picked at random for an unusually intensive IRS…

Al Jazeera

IRS asks US Treasury watchdog to probe audits of ex-FBI officials

James Comey and Andrew McCabe, former FBI officials fired by Donald Trump, were targeted by intensive tax audits.

Reason

Remy: Spiderwebs (No Doubt IRS Parody)

Forget long hold times—the IRS isn’t answering at all.

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Salon

Did Trump IRS "target" Comey, McCabe?

Comey and McCabe suspiciously both faced audits targeting just 1 in 30,000 people each year

The Independent UK

FBI chief and deputy targeted by Trump both underwent rare intensive IRS audits, report says

Tax agency remains governed by Trump appointee

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.

Caixin Global

China to Expand Global Investors’ Access to Its Financial Derivatives Market

As offshore investors become more active in trading Chinese bonds, their demand for derivatives to manage the risks of fluctuating interest rates has grown

Kiplinger

In What Order Should You Tap Your Retirement Funds?

Should you go with your IRA first or your brokerage account? Follow this road map for tax-smart withdrawals.

The Hindu

IRS officer Nitin Gupta appointed new CBDT chairman

The CBDT is headed by a Chairman and can have six members who are in the rank of special secretary. It is the administrative body for the Income Tax department.

Dynamite News

Bureaucracy: Nitin Gupta appointed as Chairman CBDT

The Government of India on Monday appointed IRS Nitin Gupta as chairman of the Central Board of Direct Taxes (CBDT). Read more on Dynamite News:

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