The Latest Breaking News from IRS

New law shuts down “syndicated conservation easements” that exploit charitable tax break meant to preserve lands

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.

The new Republican-controlled House passed a bill to claw back funding for the IRS that was part of Democrats’ reconciliation law last year.

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…

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

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

In Cadillac's case, the classification means the Lyriq doesn't get a $7,500 EV tax credit.

​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.

The Lyriq SUV, Cadillac's first-ever electric vehicle, is excluded from federal tax credits.