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The Latest Breaking News from IRS

This Grandmother Didn't Submit the Proper Banking Form. Now the IRS Wants $2.1 Million From Her.

She’s asking the Supreme Court to consider whether this seizure is an excessive fine under the Eighth Amendment.

Reason

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

The "Inflation Reduction Act" Doesn't Address Inflation Causes At All - Opting Out To Bitcoin Is The Only Way

Does opting out of fiat by replacing it with Bitcoin offer a viable alternative?

Benzinga

From analysis to the latest developments in health,
read the most diverse news in one place.

Donor coaches GOP to lie about tax hike

Steve Wynn urged Republicans to falsely tell workers "they're coming for you"

Salon

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

Child poverty estimates point to a record low in 2021 – here's how it could have been even lower

The U.S. government will likely report in September 2022 that for 2021 its most accurate measure of child poverty was the lowest on record. This was due, in large part, to generous government benefits. Our research suggests child poverty in 2021 would have been even lower had the government made…

The Conversation

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

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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

IRS to review security at facilities as threats from extremists increase

The security assessment will be first of its kind since the 1995 Oklahoma City Bombing following far-right chatter online

The Guardian - US

IRS launches security review following GOP conspiracy theories about armed agents targeting Americans

Experts say that Republican claims about the service have put its agents in danger

The Independent UK

‘We feared for our lives’: Mother of alleged victim testifies in R. Kelly trial

CHICAGO — A mother whose young daughter was allegedly sexually assaulted by R. Kelly on videotape in the 1990s testified Monday that Kelly threatened them and sent them out of town after the allegations of abuse first surfaced more than 20 years ago.

Chicago Tribune

Jurors in R. Kelly trial see evidence of alleged payoffs for cover-up scheme

CHICAGO — An IRS agent on Monday spent nearly three hours walking jurors in R. Kelly’s federal trial through a network of payments made by the R&B superstar’s various companies as part of an alleged scheme to cover up the sexual abuse of minors.

Chicago Tribune

Are 87,000 New IRS Agents Coming for Your Tax Dollars?

Billions in funding for the IRS has some people worrying about IRS agents and audits.

Kiplinger

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Tribune News Service

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…

Salon

Treasury Dept. debunks armed agent rumor

"Deeply dangerous nonsense," says representatives regarding the rumor

Benzinga

Manchin Rebuts Elon Musk, Michael Burry On The Biden IRS Funds: Here's What The New Inflation Bill Actually Does

President Joe Biden signed into law a massive budget reconciliation bill this week known as the Inflation Reduction Act of 2022.

Reason

Fact-Checking Industry Continues Providing Cover for White House's Unbelievable IRS Claims

"Most" new IRS hires, claims a gullible FactCheck.org, "will provide customer services."

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The Independent UK

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

Social media users shared a range of false claims this week

The Guardian - US

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

Tribune News Service

Commentary: The deceptive marketing of the 'Inflation Reduction Act'

The so-called Inflation Reduction Act is one of the greatest examples of deceptive marketing around today. Not only will the legislation fail to reduce inflation, it will further increase prices.

WEKU

For the first time in 20 years, teachers can deduct more for school supplies

Eligible educators include K-12 teachers, principals, teachers' aides or counselors who spend more than 900 hours at the school during the academic year.

The Orange County Register

Editorial: Growing the IRS, growing government

Democrats who want to spend more money than a reasonable government budget will allow often talk about “improving tax compliance” and the “tax gap,” suggesting that there really is enough money to pay for lots of new spending if only the tax code was enforced more aggressively.

The Independent UK

Jury to hear opening statements at R Kelly trial in Chicago

Opening statements are giving prosecutors and R. Kelly’s attorneys their first chance to address jurors directly about charges that accuse the R&B singer of enticing minors for sex, producing child pornography and rigging his 2008 pornography trial

The Hindu

Biden signs landmark health, climate and tax bill into law

The legislation includes some $375 billion over the decade — and would cap prescription drug costs at $2,000 out-of-pocket annually for Medicare recipients

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