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The Latest Breaking News from IRS

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

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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

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.

Los Angeles Times

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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.

Al Jazeera

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.

Fortune

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...

Reason

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.

Tribune News Service

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.

Roll Call

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…

Tribune News Service

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

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

Axios

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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.

Roll Call

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

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

Get all your
news in one place.

100's of premium titles.
One news app.

The Independent UK

Liz Weston: Sneaky ways inflation affects your money in 2023

Inflation has a way of affecting nearly every aspect of our finances

Salon

McCarthy vows to repeal IRS funding

The proposal has little chance of passing in the Senate, but could be used as leverage by the GOP later this year

Reason

Finally Approved as House Speaker, McCarthy Aims To Cut IRS Funding

Plus: More documents showcase government pressure on social platforms, appeals court to reconsider ban on nonviolent felon gun ownership, and more...

Salon

Time for Senate Democrats to step up

House GOP is promising all kinds of unhinged investigations — but Senate Democrats have subpoena powers too

WEKU

Buying an electric car? You can get a $7,500 tax credit, but it won't be easy

The government is offering a hefty tax credit to buyers of electric vehicles, but taking advantage of it is not straightforward. Here's what you need to know.

Fortune

If you win the $940 million Mega Millions jackpot, you’ll be hit with a massive tax bill in these states

If you win the big prize, you'll owe 37% to the federal government, and even more in taxes depending on what state you live in.

Tribune News Service

Feds list electric vehicles eligible under new $7,500 tax credit program. Do you, and your dream EV, qualify?

The latest federal program to encourage electric vehicle purchases kicked off with the new year, offering the single largest financial boost available to buyers — a $7,500 tax credit — in hopes of cutting the use of fossil fuels.

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