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The Latest Breaking News from IRS

IRS won't tax most relief payments made by states last year

The IRS says most relief checks issued by states last year won't be subject to federal taxes, providing late guidance as taxpayers have begun filing returns

The Independent UK

The IRS now says most state relief checks last year are not subject to federal taxes

A week after telling payment recipients to delay filing returns, the agency won't challenge the taxability of payments related to general welfare and disaster.

WEKU

How much America's richest people would pay under a billionaire tax is pretty complicated

Elon Musk and Bill Gates could owe billions under the Billionaire Minimum Income Tax. But how that tax would play out depends on several factors.

Fortune

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

IRS Plans To Raid Workers' Tip Jars

A coming crackdown on $1.6 billion in unreported tips will continue the IRS' long and ugly history of targeting low-income Americans.

Reason

Ideological, regional diversity hallmarks of tax panel's frosh - Roll Call

The new Republicans on the House Ways and Means Committee don't always jibe with their party's mainstream.

Roll Call

How the rich skirt century-old tax law

Goldman Sachs has helped billionaires see huge tax savings by selling stocks for a loss and then replacing them

Salon

If you got inflation relief from your state, the IRS wants you to wait to file taxes

They're dubbed inflation relief payments, but they reflect a hodgepodge of rules and eligibility requirements. The IRS wants time to figure out which rules apply to them.

WEKU

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Expert advice on vetting your tax preparer

More than half of all taxpayers rely on a paid tax preparer according to the most recent data.

Fortune

IRS Backtracks, Says Ford Escape And Cadillac Lyriq Are SUVs After All

The government agency has employed some changes in its classification of electrified vehicles on its website.

Motor1

IRS urges special refund recipients to delay filing taxes

The Internal Revenue Service is recommending that taxpayers hold off on filing their tax returns for 2022 if they received a special tax refund or payment from their state last year

The Independent UK

5 side hustles you can do from home that can earn you an extra $20,000 per year

Side hustles can help you explore your hobbies and pad your budget.

Fortune

Short Circuit: A Roundup of Recent Federal Court Decisions

Alaskan Natives, Alaska Airlines, and Alaskan students.

Reason

Hunter Biden tries to turn tables on GOP

Hunter Biden demanded an investigation into the theft of his laptop and sent cease-and-desist letter to Fox News

Salon

Read: Hunter Biden's lawyers request criminal investigation

Read the letters his attorneys sent the DOJ, IRS, Delaware attorney general and Fox News' Tucker Carlson.

Axios

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The Conversation

Tax returns: scams are rising rapidly – how to spot a fake phone call and avoid falling victim

Tax deadlines, such as the annual January 31 deadline for filing UK self-assessment tax returns, typically cause an uptick in tax scams. This year, for example, an ad for a costly connection service disguised as the British tax authority’s phone number is appearing at the top of search engine results…

Chicago Sun-Times

Son of former state Rep. Eddie Acevedo found guilty on tax charges

Alex Acevedo, his brother Michael Acevedo and their father were each charged with cheating on their taxes in separate indictments handed up in February 2021.

The Independent UK

Trump used Freedom of Information Act request to slow IRS release of his taxes

Mr Trump had the authority to ask for the records during his presidency but instead used the Freedom of Information Act

Chicago Sun-Times

Give gun owners a tax break for getting rid of their weapons

The tax code should be amended so those who legally own a firearm can turn it in and receive a tax deduction on their federal income tax return.

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news in one place.

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Tribune News Service

A federal EV program can save you thousands. How does it work and how do you apply?

Electric vehicles are typically seen as expensive cars to own. But an updated, federal tax program designed to make them more affordable could credit you up to $7,500 for purchasing a new clean vehicle.

Chicago Sun-Times

Son of ex-state Rep. ‘Eddie’ Acevedo goes on trial, fights tax charges tied to Madigan probe

Alex Acevedo, his brother Michael Acevedo and their father were each charged with cheating on their taxes in separate indictments handed down in February 2021. Edward Acevedo pleaded guilty in December 2021 to tax evasion, was sentenced to six months behind bars and was released last month.

Salon

GOP wants to impose 30% US sales tax

The bill would also eliminate corporate income taxes and abolish the IRS

The Independent UK

Chris Brown mocked for ‘department store’ sized closet in his house: ‘This isn’t a flex’

‘If you can pay for a department store, please pay to organise it for convenience sake,’ said one fan

The Independent UK

Tax season already? Some tips for avoiding stress and scams

Tax season is here again

Chicago Sun-Times

IRS harshly punishes taxpayers who accidentally break the rules

The main function of the IRS is separating people from their money, and its chief tool is fear, as illustrated by the $2.1 million penalty it imposed on an 82-year-old grandmother for failing to file a form on time.

Axios

Why your tax refund might shrink in 2023

Pandemic-era policies are expiring, leading to smaller refunds.

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