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The Latest Breaking News from IRS

How Inflation Impacts Your Taxes

The impact of inflation on federal income tax brackets and some other tax credits might not be all bad.

Kiplinger

Sen. Manchin backs $369 billion energy-climate plan, rejects SALT

WASHINGTON — Sen. Joe Manchin and Majority Leader Chuck Schumer have struck a deal on a tax, energy and climate bill, breaking a deadlock on the Democrats’ long-sought legislation to enact major parts of President Joe Biden’s agenda.

Tribune News Service

Sen. Manchin backs $369 billion energy-climate plan, rejects SALT

WASHINGTON — Sen. Joe Manchin and Majority Leader Chuck Schumer have struck a deal on a tax, energy and climate policy bill, breaking a deadlock on the Democrats’ long-sought legislation to enact major parts of President Joe Biden’s agenda.

Tribune News Service

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10 Tax Tips for Airbnb, HomeAway & VRBO Vacation Rentals

When you offer your home as a short-term rental through services like Airbnb, HomeAway, and VRBO, there are ways you can keep your income taxes to a minimum.

The Street

Backdoor Roth IRAs: Good for Wealthy Retirees?

A backdoor Roth IRA is a tax loophole that enables wealthier individuals to earn tax-free income. But it's complicated, and how long will that back door remain open?

Kiplinger

Crypto Crash 2022 - Is Cryptocurrency Still Worth the Fight In A High Net Divorce?

By Sean M Cleary The all-time highs of cryptocurrency in 2021 now seem like a distant memory, as the 2022 crypto crash has seen major digital assets give back the gains made during their historic bull run. So, what is causing the crypto crash?

Benzinga

If you lost money in crypto, here's how you can get some back

If you lost money in cryptocurrency this year, there's a bit of good news. You can claim that loss on your taxes.

The Philadelphia Inquirer

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Illinois Gov. Pritzker gave Democratic governors’ group $24 million to fund ads that helped nominate his GOP opponent

CHICAGO — In addition to spending more than $62 million en route to an easy win in the June primary, Illinois Gov. J.B. Pritzker also gave $24 million to the Democratic Governors Association, which then spent millions on TV ads encouraging Republicans to vote for his favored GOP challenger, state…

Chicago Tribune

Texas charity that backs Trump’s stolen-election lie has deep ties to Ken Paxton

The Texas attorney general would be the one to hold True the Vote accountable on allegations that it swindled a $2.5 million donor. But the nonprofit’s founder has been a friend and an ally.

The Texas Tribune

Five Tips for Taxpayers Who Requested an Extension to File Federal Taxes

Are you among the estimated 16 million or so taxpayers who requested an extension to file their federal taxes after April 18, 2022? If so, there’s plenty of dos and don’ts you should know as you rush to send your 2021 tax return to the IRS before the Oct. 15,…

The Street

7 Most Common Tax Questions Answered by a CPA

CPAs answer a range of your everyday tax questions about tax returns, deductions, personal finances, and more.

The Street

Property Management Tax Deductions

Becoming a residential landlord or owning a commercial property comes with new tax responsibilities. Learn more about how to handle your tax situation.

The Street

What Is a W-4 Form?

The W-4 Form is an IRS form that you complete to let your employer know how much money to withhold from your paycheck for federal taxes.

The Street

The Wash Sale Rule: Six Things to Know to Avoid Tax Pitfalls

The wash sale rule is important when you are selling and rebuying stocks to offset losses.

Kiplinger

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Motor1

Steeda Building Modded Ford Mustangs, Explorers For Police Duty

Both the Mustang and Explorer SSV's by Steeda feature the best suspension the aftermarket has to offer.

Investors Business Daily

Boost Your Child Tax Credit And Other Summertime Tax-Prep Tips

Summertime activities can affect your taxes. Follow these tax-prep tips to follow the law and get a tax break or two.

WEKU

IRS head is getting questioned by lawmakers after former FBI officials were audited

IRS Commissioner Charles Rettig, who was appointed by President Trump in 2018, will face questions behind closed doors from lawmakers in the House and Senate before the end of the month.

Tribune News Service

Democratic bill would mandate new IRS free tax-filing program

WASHINGTON — Sen. Elizabeth Warren is leading fellow Democrats in renewing a push for the IRS to create its own free tax-filing services and move away from its current private partnership, whose services only a slim portion of taxpayers use.

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Roll Call

Democratic bill would mandate new IRS free tax-filing program - Roll Call

Sen. Elizabeth Warren is leading fellow Democrats in renewing a push for the IRS to create its own free tax-filing services.

Axios

House centrists could derail Manchin reconciliation deal with demand for no new taxes

Trying to modify the potential deal could scuttle the entire package.

The Street

What is Form 5329: Additional Taxes on Qualified Retirement Plans?

Certain retirement account transactions require you to fill out an additional form with the IRS, called Form 5329.

The Street

What is a Tax Levy and Tax Lien?

Tax liens and levies are some of the legal options for the IRS to collect tax debt if you are unable to pay in a timely fashion.

The Street

7 Ways Small Business Owners Can Reduce Their Tax Bill

You can reduce your tax obligations as a small business owner through several potential money saving opportunities.

The Street

What is Form 1099-A?

If you experience a foreclosure on your property, you may need to file Form 1099-A with the IRS to report the financial change.

The Street

10+ Frequently Asked Tax Questions - Top CPAs Answer

You've got tax questions? TheStreet has answers. We're teaming up with some of the most recognized CPAs and tax experts to answer your questions.

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