Wisconsin Representative Scott Fitzgerald (R-05-WI) signed a letter opposing suggested Internal Revenue Service (IRS) oversight of withdrawals and deposits of over $600. The letter was written by Minnesota Representative Tom Emmer (R-06-MN).Read More
In an official press release Tuesday, Tennessee Representative Mark Green (R-TN-07) announced that he and 100 Republican colleagues sent a letter to Speaker Nancy Pelosi, Ways and Means Committee Chairman Richard Neal, Treasury Secretary Janet Yellen, and IRS Commissioner Charles Rettig, expressing their frustration over a recent IRS data collection proposal to increase tax information reporting requirements on financial institutions.
The proposed measure would require financial institutions to report transactions to the Internal Revenue Service on any bank account with a balance of more than $600. The Treasury Department says the proposal for extra data is being sought to target high earners who underreport their tax liabilities.Read More
Arizona taxpayers who received unemployment benefits in 2020 and filed their state tax return before the American Rescue Plan Act (ARP) was enacted on March 11 can receive a new income tax refund.
That’s according to a Thursday announcement from the Arizona Department of Revenue.
Congress passed the ARP to give communities money to address public health and economic recovery issues which resulted from the COVID-19 pandemic.Read More
Monday morning on the Tennessee Star Report, host Michael Patrick Leahy welcomed Federalist intern and Pepperdine University Senior Spencer Lindquist to the newsmakers line to discuss his recent piece addressing the private and publicly funded Drag Queen Story Hours in public library’s.Read More
A top Internal Revenue Service official told a Christian group that “Bible teachings are typically affiliated” with the Republican Party as a rationale for denying its application for tax-exempt status.
The Texas-based Christians Engaged filed an appeal on Wednesday to the IRS’ denial, objecting to the tax agency’s assertion that it is partisan.
In a May 18 denial letter, IRS Exempt Organizations Director Stephen A. Martin said Christians Engaged is involved in “prohibited political campaign intervention” and “operate[s] for a substantial non-exempt private purpose and for the private interests of the [Republican Party].”Read More
California residents of all ages and incomes are leaving for more tax friendly climates, and they’re taking billions of dollars in annual income with them.
The Internal Revenue Service recently released its latest taxpayer migration figures from tax years 2018 and 2019. They reflect migratory taxpayers who had filed in a different state or county between 2017 and 2018, of which 8 million did in that timespan.
California, the nation’s most-populous state, lost more tax filers and dependents on net than any other state.Read More
Closing the “tax gap,” or revenue owed to the federal government that goes uncollected, has long been a favorite deus ex machina for lawmakers who want more revenue without having to raise rates. But Internal Revenue Service (IRS) Commissioner Chuck Rettig really put dollar signs in lawmakers’ eyes when he claimed the tax gap could be as large as $1 trillion. Always eager to appear knowledgeable on policy issues, Sen. Elizabeth Warren is putting forward a plan to collect extra revenue that only gets worse the deeper you dig into it.
First and foremost, it’s important to understand how far off on an island Rettig is with his estimate. The IRS’s last official estimate of the size of the tax gap placed it at a far, far lower $381 billion. Even considering that this estimate may not have factored in underpayment from cryptocurrencies, offshore holdings, and pass-through businesses, the tax gap still remains far closer to $500 billion than to $1 trillion.Read More
Millions of American families will receive hundreds of dollars in regular federal payments beginning next month, the Internal Revenue Service said Monday.
The IRS announced July 15 as the start date for monthly child tax credit payments that would affect the vast majority of Americans with children.
“Eligible families will receive a payment of up to $300 per month for each child under age 6 and up to $250 per month for each child age 6 and above,” the IRS said in a statement.Read More
The Treasury Department and the Internal Revenue Service announced on Wednesday that the 2020 tax filing and payment deadline is being pushed back from April 15 to May 17.Read More
Federal authorities have indicted an Internal Revenue Service tax examiner for allegedly defrauding her employer by filing false tax returns for various taxpayers in the Memphis area. A press release from the U.S. Attorney’s Office for the Western District of Tennessee identified the woman as Linda Williams, 52, of Memphis.Read More
The Virginia General Assembly is moving forward with legislation that would effectively make employers who received Paycheck Protection Plan (PPP) loans liable for state taxes. Bills that would practically exempt all income from the forgiven loans have been replaced with legislation that caps how much of the loan is exempt. Business advocates warn that the taxes could surprise the struggling businesses that the PPP loans were meant to help.
The bills bring Virginia’s tax code into conformity with the IRS; Virginia’s tax law doesn’t automatically change to match federal law, so state legislators pass tax conformity bills.Read More
Puerto Rico has become a popular tax haven for super rich Americans who take advantage of local laws, which allow them to avoid paying U.S. federal income taxes.
Over the last decade, thousands of wealthy Americans have built homes, started businesses and spent a significant amount of time in Puerto Rico, all in order to take advantage of the island’s tax code that exempts them from U.S. taxes. While just a few thousand have taken advantage of the law, the U.S. federal government has potentially lost out on hundreds of millions of dollars in tax revenue, according to the Internal Revenue Service (IRS).
“It’s being done, in a sense, in plain sight,” Peter Palsen, an international tax expert at the Washington D.C-area law firm Frost Law, told The Daily Caller News Foundation. “The IRS has the knowledge of who’s doing it.”Read More
Tax and legal experts say the leaker or leakers who took President Trump’s personal tax returns and gave them to The New York Times, committed a felony punishable by prison.
Joseph diGenova, a former U.S. Attorney for the District of Columbia who has advised Trump on some legal matters, told Just the News that the leaking was “definitely” a crime that could be liable for both criminal and civil legal actions.Read More
A glitch within the Internal Revenue Service (IRS) has reportedly led to as many as thousands of foreign nationals receiving coronavirus stimulus checks intended for U.S. residents.Read More
U.S. Rep. Phil Roe M.D. (R-TN-01) encouraged the U.S. Department of Veterans Affairs and the U.S. Department of the Treasury this week to expedite processing of stimulus payments for veterans without further delay.Read More
Former United Auto Workers President Gary Jones was charged with embezzlement, racketeering, and tax evasion Thursday in a massive FBI probe that has brought down several of the union’s top leaders.Read More
Lewis County officials failed to report and remit federal employment taxes totaling more than $150,000, and the IRS has gotten involved.Read More
IRS officials have imposed a $32,236 penalty on Cocke County.Read More
Federal officials recently penalized Sevier County with a fine of nearly $45,000 for not complying with IRS regulations.Read More
The IRS placed a tax lien on Hunter Biden seeking $112,805 in unpaid taxes from 2015, according to records the Daily Caller News Foundation obtained.Read More
The FBI and IRS raided the home of the United Automobile Worker Chief President Gary Jones Wednesday and discovered wads of cash.Read More
An IRS analyst pleaded guilty Wednesday to leaking former Trump attorney Michael Cohen’s confidential financial records in 2018 to Michael Avenatti, the embattled celebrity lawyer.Read More
by Fred Lucas The Internal Revenue Service seized $446,000 from the bank accounts of brothers Jeffrey, Richard, and Mitch Hirsch in 2012, claiming a “structuring” violation against the owners of Bi-County Distributors Inc. for making multiple bank deposits of less than $10,000. The government never charged them with a…Read More
by Molly Prince House Ways and Means Committee Chairman Richard Neal subpoenaed the U.S. Department of the Treasury and the Internal Revenue Service on Friday to obtain President Donald Trump’s last six tax returns. “After reviewing the options available to me, and upon the advice of counsel, I issued…Read More
by Chuck Ross President Donald Trump, his three oldest children, and their companies sued Monday to prevent their two banks from complying with congressional subpoenas for personal and business financial records. The Trump lawyers argued in the lawsuit that the subpoenas, which were issued to Deutsche Bank and Capital…Read More
The Democratic chairman of the U.S. House Ways and Means Committee on Saturday set a new April 23 deadline for the Internal Revenue Service to comply with his request for six years of President Donald Trump’s personal and business tax returns. In a letter to IRS Commissioner Charles Rettig, Ways…Read More
by Nick Givas Sen. Chuck Grassley explained why he wasn’t interested in seeing President Donald Trump’s personal tax returns, on “Fox & Friends” Monday. “Listen, you’re asking me as chairman of the Finance Committee, we would have an opportunity to see [Trump’s tax returns] too. I don’t want to…Read More
by Henry Rogers Acting White House Chief of Staff Mick Mulvaney said Democrats in Congress will “never” succeed in obtaining President Donald Trump’s tax returns. Mulvaney mentioned in an interview with “Fox News Sunday” how Democrats are demanding the IRS to hand over Trump’s tax returns. “Democrats are demanding that the…Read More
The head of a House Ways and Means Committee is formally asking the Internal Revenue Service to turn over the last six years of President Donald Trump’s tax returns. Congressman Richard Neal chairs the committee, which oversees tax policy, as Democrats seek to examine Trump’s complex business empire. Trump is…Read More
by Fred Lucas Sen. Tom Cotton has asked the Internal Revenue Service to investigate the Southern Poverty Law Center, a liberal activist organization that regularly brands organizations it opposes as “hate groups.” Cotton, R-Ark., said the probe is needed for “protecting taxpayer dollars from a racist and sexist slush…Read More
by Neetu Chandak A former school official was sentenced to three years of probation at a Friday hearing after embezzling $217,000 from a school district near Des Moines, Iowa. Melissa Lantz, 35, stole the money over the course of several years from Woodward-Granger Community School District. She was given…Read More
Gov. Jared Polis (D-CO) has opened up unemployment benefits for all federal employees working without pay in the state as the government shutdown carries on. “I have authorized an emergency rule that makes unpaid federal workers eligible for unemployment benefits, whether they are reporting for work or not,” Polis said…Read More
by Victor Davis Hanson Imagine the following: The IRS sends you, John Q. Citizen, a letter alleging you have not complied with U.S. tax law. In the next paragraph, the tax agency then informs you that it needs a series of personal and business documents. Indeed, it will be…Read More
by Andrew Kerr, Peter Hasson and Joe Simonson Left-wing nonprofit groups that orchestrated disruptions during Brett Kavanaugh’s Supreme Court confirmation hearings likely violated IRS rules, which can result in their loss of tax-exempt status, according to an investigation by The Daily Caller News Foundation. TheDCNF listened in on a conference…Read More
by Kalena Bruce As we enter the summer, Republicans and Democrats continue to debate the merits of the tax cuts. Lost in this partisan bickering is the genuine and long-overdue relief the tax cuts offer small businesses. Sadly, the media reporting on small business tax cuts has been heavily…Read More
Nearly half of the 616 U.S. corporations worth $20 billion or more didn’t have to worry about IRS auditors catching mistakes — unintentional or otherwise — on their annual tax returns because federal officials didn’t subject them to reviews, according to data obtained by a non-profit government watchdog.Read More
By Printus LeBlanc Despite the media and amnesty proponents on both sides of the aisle declaring illegal immigrants don’t commit crimes, a recent report from CNS News should shut down the amnesty debate. After reviewing several Treasury Inspector General for Tax Administration (TIGTA) reports, CNS found the Internal Revenue…Read More
Former Attorney General Eric H. Holder Jr. said the Trump administration was wrong to have apologized to tea party groups snared in the IRS’s targeting scandal, saying it was another example of the new team undercutting career people at the Justice Department who’d initially cleared the IRS of wrongdoing. “That…Read More
The threats that former IRS senior executive Lois G. Lerner says are serious enough to keep her court depositions forever secret date back to 2014, and she hasn’t shown any new threats, according to new court documents filed late Thursday. Ms. Lerner and her key deputy, Holly Paz, have demanded…Read More
President Donald Trump apparently does not believes the Church of Scientology is a real religion, which could lead the church to lose its tax-exempt status just as Trump moves to appoint a new head of the Internal Revenue Service. Trump told Lynne Patton — a regional head at the Department…Read More
The new GOP tax overhaul would strip illegal immigrants of the ability to claim several major tax credits, saving the government $23.1 billion over the next decade, according to the bill’s authors. For years Republicans have complained that despite a general ban on taxpayer benefits flowing to illegal immigrants, the…Read More
The government apologized Thursday for illegally targeting tea party groups for intrusive scrutiny and agreed to settlements with hundreds of organizations snared in the targeting, bringing to a close one of the more embarrassing episodes of the Obama administration. Attorney General Jeff Sessions said the IRS owed the groups an…Read More
House Ways and Means Chairman Kevin Brady said Wednesday that Republican senators need to support the tax reform legislation to prevent another legislative disaster. “At the end of the day, look, given what happened in the Senate in health care reform, I think it’s important for every Republican senator to…Read More
by CHQ Staff President Trump has released the framework for his tax reform and reduction plan to positive reaction from conservatives. Our friends at the Club for Growth issued a statement saying, “Fundamental tax reform comes around only once in a generation, and this is our chance. The outline…Read More
The conservative House Freedom Caucus on Wednesday threw its support behind the tax reform framework unveiled by GOP leaders and will also support the House Republican budget plan that aims to fast-track the tax package, clearing a potential roadblock for the party’s next big-ticket agenda item. “President Trump has delivered…Read More
US President Donald Trump will roll out a plan to reform America’s tax code Wednesday, a high stakes bid to salvage his agenda and bolster his faltering presidency. Amid a string of legislative setbacks, Trump teased a “big announcement tomorrow,” when the White House and Republicans will unveil tax reform…Read More
Donald Trump’s DOJ won’t pursue charges against Lois Lerner, former IRS senior executive The Trump Justice Department has once again cleared former IRS senior executive Lois G. Lerner of criminal liability stemming from the tea party targeting. In a letter to top Republicans, Assistant Attorney General Stephen E. Boyd said…Read More
President Donald Trump traveled to Springfield, Missouri Wednesday to begin, in earnest, his bid to overhaul the leviathan that is the US Tax Code. “We’re here today to launch our plans to bring back Main Street by reducing the crushing tax burden on our companies and on our workers,…Read More
The White House claims it is making progress on tax reform and could roll out part of its plan next week, but the president’s increasingly contentious relationship with lawmakers on the Hill has put a pall over the effort’s progress. President Donald Trump has been using Twitter to blast Senate…Read More
A group of 151 conservative Republican congressmen are calling for the Internal Revenue Service to be abolished, calling it an “inefficient behemoth weighing down our economy.” “At its worst, the IRS has shown a capacity for outright corruption and political targeting,” the Republican Study Committee wrote in its budget released…Read More