Taxes
Latest News
An Increase in Customer Theft is Increasing Restaurant Prices
IRS Shares Five New Warning Signs of Incorrect ERC Claims
‘Unpredictable’ Election Clouds Tax and Economic Policy View
Sanders May Bring His Populist Brand to Powerful Senate Finance Committee
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The Tax Blotter – March 6, 2024
The Tax Blotter is a summary of recent tax news, rulings and legislation.
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Tax Expert at Wolters Kluwer Gives Opinion on Biden 2024 State of the Union Address
President Biden announced a proposal to deny corporations a tax deduction when they pay more than $1 million to any employee. He also described his plans to bump the corporate tax rate up to 28 percent, but said taxes won’t be raised for any Americans making less than $400,000 a year.
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Recommendations Sought For Upcoming IRS Priority Guidance Plan
The projects included in the plan would be priorities for the Treasury and IRS to work on from July 1, 2024, through June 30, 2025.
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IRS Tries to Clear Up Confusion on Medical Expenses
Expenditures for general health and wellness aren't considered medical expenses, regardless of some claims to the contrary.
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Former Illinois State Senator Gets 3 Years Probation for Tax Evasion
He also underreported income on returns for tax years 2012 through 2015, causing the IRS and Illinois Department of Revenue a total of about $83,000 in lost tax revenue, according to his plea agreement with prosecutors.
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Free File Program Filings Up Nearly 10% This Tax Season, IRS Says
As of Feb. 24, 943,000 taxpayers had filed returns using Free File, up from last year's comparable period of 860,000 returns filed.
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IRS: Time is Running Out to Claim COVID Stimulus Credit
The refundable Recovery Rebate Credit is aimed at taxpayers who did not get one or more of their pandemic-era stimulus checks.
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Would You Give Up Social Media For One Year to Never Pay Taxes Again?
Americans hate taxes so much that they would entertain some bizarre options for a tax-free life, according to WalletHub.