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The Latest Breaking News from IRS

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

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

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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

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

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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

What Is Taxable Income? Definition & Examples

What Is Taxable Income?An individual's taxable income is the amount of money they've received over the course of a particular tax year in both earned income and unearned income. This number determines their tax liability. What Is Earned Income?Earned taxable income is any income you receive ...

The Street

Here's Why the IRS Is Telling Millions Not to File a Tax Return Yet

"We are working with state tax officials as quickly as possible," the IRS said in a Friday statement.

The Street

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

Federal Tax Credit for Residential Solar Energy

The Residential Clean Energy Credit for solar energy upgrades to your home has been extended through 2034 and expanded in value.

The Street

Elon Musk And Tesla Make an Expected But Unwanted Change

The maker of electric vehicles has just raised prices, less than a month after they were cut.

The Street

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The Street

General Motors Wins a Big EV Battle

The Detroit giant may not have to lower the price of the Cadillac Lyriq, which now is eligible for the new federal tax credit of $7,500.

Reason

Short Circuit: A Roundup of Recent Federal Court Decisions

Alaskan Natives, Alaska Airlines, and Alaskan students.

Salon

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

Axios

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.

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The Street

What Is the Treasury Department? Responsibilities & History

What Is the U.S. Department of the Treasury?The U.S. Department of the Treasury oversees the management of the U.S. government’s finances and helps to set fiscal policy. The department also collects revenue in the form of taxes via the Internal Revenue Service and raises funds with the sale of ...

The Street

What Advisers Need to Know About the Year-of-Death RMD

Here is what financial advisers need should know to help their clients navigate this complex set of IRA rules.

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…

The Street

What Is the Internal Revenue Code? Definition & History

What Is the Internal Revenue Code?The Internal Revenue Code is the federal tax law in the U.S. It covers the tax-filing rules and regulations for individuals and businesses, and it is listed under Title 26 of the United States Code, which lists all national laws. The Internal Revenue Service, a…

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

The Street

Crypto Winter: Everything You Need to Know

You have likely heard of the crypto winter. But what exactly does that mean, and what does it mean for your investments and taxes?

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