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The Latest Breaking News from IRS

What are capital gains? How are they taxed?

About two-thirds of individual capital gains subject to tax are from selling corporate stock; the remainder is from property sales.

USAFacts

IRS will refund penalties to California taxpayers who filed late in early COVID years

Californians who paid their 2019 or 2020 income taxes late could be getting refunds on the amounts they paid in penalties, the Internal Revenue Service said Wednesday.

Tribune News Service

IRS initiates safety probe after threats to workers

The Internal Revenue Service says it is conducting a comprehensive review of safety at its facilities

The Independent UK

From analysis to the latest developments in health,
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IRS to review security at facilities as threats from extremists increase

The security assessment will be first of its kind since the 1995 Oklahoma City Bombing following far-right chatter online

The Guardian - US

IRS launches security review following GOP conspiracy theories about armed agents targeting Americans

Experts say that Republican claims about the service have put its agents in danger

The Independent UK

‘We feared for our lives’: Mother of alleged victim testifies in R. Kelly trial

CHICAGO — A mother whose young daughter was allegedly sexually assaulted by R. Kelly on videotape in the 1990s testified Monday that Kelly threatened them and sent them out of town after the allegations of abuse first surfaced more than 20 years ago.

Chicago Tribune

Jurors in R. Kelly trial see evidence of alleged payoffs for cover-up scheme

CHICAGO — An IRS agent on Monday spent nearly three hours walking jurors in R. Kelly’s federal trial through a network of payments made by the R&B superstar’s various companies as part of an alleged scheme to cover up the sexual abuse of minors.

Chicago Tribune

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Are 87,000 or 88,000 New IRS Agents Coming for Your Tax Dollars?

$80 billion in funding for the IRS has some people worrying about IRS agents and audits.

Kiplinger

Clive Crook: Want a better IRS? Simplify the tax code

One of the most conspicuous parts of the tax-and-spending package known as the Inflation Reduction Act is vastly expanded funding for the Internal Revenue Service. The promised flood of cash — an additional $80 billion over 10 years, compared with baseline annual spending of around $15 billion — raises some…

Tribune News Service

Treasury Dept. debunks armed agent rumor

"Deeply dangerous nonsense," says representatives regarding the rumor

Salon

Manchin Rebuts Elon Musk, Michael Burry On The Biden IRS Funds: Here's What The New Inflation Bill Actually Does

President Joe Biden signed into law a massive budget reconciliation bill this week known as the Inflation Reduction Act of 2022.

Benzinga

Fact-Checking Industry Continues Providing Cover for White House's Unbelievable IRS Claims

"Most" new IRS hires, claims a gullible FactCheck.org, "will provide customer services."

Reason

NOT REAL NEWS: A look at what didn't happen this week

Social media users shared a range of false claims this week

The Independent UK

Armed ... auditors? The IRS becomes the latest target of GOP misinformation

Some Republicans have spread false information about how new funds will be used by IRS, stoking outrage and alarming experts

The Guardian - US

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Tribune News Service

Commentary: The deceptive marketing of the 'Inflation Reduction Act'

The so-called Inflation Reduction Act is one of the greatest examples of deceptive marketing around today. Not only will the legislation fail to reduce inflation, it will further increase prices.

WEKU

For the first time in 20 years, teachers can deduct more for school supplies

Eligible educators include K-12 teachers, principals, teachers' aides or counselors who spend more than 900 hours at the school during the academic year.

The Orange County Register

Editorial: Growing the IRS, growing government

Democrats who want to spend more money than a reasonable government budget will allow often talk about “improving tax compliance” and the “tax gap,” suggesting that there really is enough money to pay for lots of new spending if only the tax code was enforced more aggressively.

The Independent UK

Jury to hear opening statements at R Kelly trial in Chicago

Opening statements are giving prosecutors and R. Kelly’s attorneys their first chance to address jurors directly about charges that accuse the R&B singer of enticing minors for sex, producing child pornography and rigging his 2008 pornography trial

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The Hindu

Biden signs landmark health, climate and tax bill into law

The legislation includes some $375 billion over the decade — and would cap prescription drug costs at $2,000 out-of-pocket annually for Medicare recipients

Los Angeles Times

Biden signs climate, drug prices bill into law, another legislative triumph in a moment of democratic peril

WASHINGTON — At a moment when American democracy looks increasingly vulnerable, President Joe Biden and Democrats pointed to their third landmark bill as evidence that American government is working once again.

Chicago Sun-Times

What’s in big Biden bill? Health, climate goals become law

Democrats’ “Inflation Reduction Act” may not do much to immediately tame inflationary price hikes. But the package, an election year turnaround after loftier versions collapsed, will touch countless American lives and secure longtime party goals.

Al Jazeera

Biden signs $740bn health, climate, tax ‘Inflation Reduction Act’

The sweeping legislation includes the largest investment to fight climate change in US history.

USAFacts

How will the Inflation Reduction Act change the IRS?

The Inflation Reduction Act would double the number of employees and expand the auditing capacity of the IRS.

Roll Call

Biden signs major climate, health care and tax bill into law - Roll Call

President Joe Biden signed major legislation aimed at fighting climate change and lowering health care costs.

The Independent UK

What's in big Biden bill? Health, climate goals become law

President Joe Biden arrived at the White House promising to “build back” America, and on Tuesday he's signing into law legislation with a slimmer version of that idea

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Congressional Budget Office

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