President Joe Biden signed a two-year agreement - a compromise between Republicans, who wanted larger spending reductions, and the White House, which wanted no spending cuts - to suspend the debt limit until Jan. 1, 2025, with both cuts and increases in federal spending. Read more»
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Congress began moving the bipartisan debt limit package forward Tuesday, though frustrations with provisions in the bill could make for narrow passage in the U.S. House and U.S. Senate. Read more»
President Joe Biden vowed he wouldn’t negotiate with Republicans on raising the debt ceiling, demanding a clean bill without cuts to spending. As it turns out, President Joe Biden will negotiate with terrorists. Read more»
The wide array of U.S. nonprofits includes many media outlets, chambers of commerce and political parties, but the IRS also granted tax-exempt status to extremists, including an Oath Keepers foundation – here’s why that’s not as surprising as it sounds.
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The tax deadline has been pushed back to April 18 this year, giving those leaving it to the last minute a few extra days - but why is Tax Day in April anyway? Read more»
The Internal Revenue Service on Thursday detailed its plan to spend $80 billion in additional funding approved last year, including increasing its “focus on segments of taxpayers with complex issues and complex returns where audit rates are minimal today." Read more»
New rules are going to make sure the Internal Revenue Service gets more information about payments made to apps often used for informal work - and gig workers making at least $600 a year with a side hustle through an online platform should be on the lookout for a 1099-K. Read more»
"I’m incredibly excited for what the future holds and am honored to represent our community in Congress." — U.S. Rep. Juan Ciscomani Read more»
After both Intuit and H&R Block left the Free File program, the future of the program is unclear, and it’s still difficult to find truly free tax filing options. The IRS created a tool to help you find this year’s Free File options as it looks into creating a public filing system. Read more»
The recently signed $1.7 trillion spending bill could accomplish what six years of IRS audits and DOJ prosecutions could not: shutting down “syndicated conservation easements” that exploit a charitable tax break meant to preserve open land. Read more»
The U.S. House adopted rules for the 118th Congress, though several of the concessions Speaker Kevin McCarthy made with more conservative members of the Republican Party to secure the gavel weren’t included in the document, or publicly circulated ahead of the vote. Read more»
The House Ways and Means Committee released former President Donald Trump’s tax returns Friday morning, the long-fought result of a campaign over three years in the making. Read more»
If you’re trying to evaluate a charity this year, you might have a hard time as the IRS is behind on releasing Form 990s, limiting access to key financial information the public uses to evaluate the nation’s tax-exempt companies. Read more»
The U.S. Senate sent President Joe Biden a one-week government funding bill late Thursday, giving negotiators a few more days to wrap up talks on what is expected to be a $1.7 trillion package to keep the federal government up and running through September. Read more»
The Supreme Court declined to shield former President Donald Trump’s tax returns from a congressional subpoena - a battle that began in 2019 when the Ways and Means Committee first requested six years of Trump’s personal and business filings. Read more»
Republican PACs are using an outdated Congressional Budget Office estimate to falsely claim in ads that Democrats voted to raise taxes by $20 billion on “lower- and middle-income families,” and further misleads voters by claiming the IRS will now go after servers and Uber drivers. Read more»