The Internal Revenue Service has been turning up its scrutiny on cryptocurrency investors in recent years, and as that happens, more investors have been turning to the tax code’s rules on investment losses. That’s according to a study released this week that shines a light on the link between IRS enforcement and “tax-loss harvesting.” The…
The U.S. said it would allow Chevron Corp. to resume pumping oil from its Venezuelan oil fields after President Nicolás Maduro’s government and an opposition coalition agreed to implement a humanitarian program and continue dialogue in Mexico City on efforts to hold free and fair elections. Following the agreement, the Biden administration granted Chevron CVX, -0.29% a…
Less than three months ago, a bill dedicating $80 billion for sweeping technological upgrades, staff additions and more enforcement at the Internal Revenue Service passed with no Republican votes, but a lot of fiery GOP criticism. Republican lawmakers could wind up with a majority in the House of Representatives and Senate after the dust settles…
Japanese Finance Minister Shunichi Suzuki on Wednesday showed a broader concern about the yen’s weakness, saying the slower pace of the yen’s depreciation, not just sharp movements, isn’t desirable for the Japanese economy. “I am very concerned about the gradual weakening of the yen” because a weaker yen could accelerate inflation in Japan by increasing…
There’s a difference between the amount of taxes that people and businesses owe the Internal Revenue Service and the amount they actually pay. From 2014 to 2016, that multibillion-dollar gap widened, and the divide will likely get even wider later in the decade, the IRS said Friday. For each of those years, taxpayers failed to…
People can contribute up to $22,500 in 401(k) accounts and $6,500 in IRAs in 2023, the IRS said Friday. For 401(k)s, that’s an almost 10% increase from 2022’s contribution limit of $20,500. For IRAs, it’s a more than 8% rise from 2022’s limit of $6,000. As added context, the inflation-indexed bumps tax year 2023 income…
The Japanese yen suddenly rallied against the U.S. dollar on Friday amid reports and widespread speculation that Japan’s Ministry of Finance and Bank of Japan had intervened to prop up the yen after the currency tumbled to a fresh 32-year low against the greenback. Earlier in the day, the yen had weakened more than 1%…
America’s high inflation rate will produce a 7% increase in the size of the standard deduction when workers file their taxes on their 2023 income, according to new inflation adjustments from the Internal Revenue Service. It’s also going to pump up tax brackets by 7% as well, according to the annual inflation adjustments the IRS…
Democrats know that there’s going to be a future presidential run from Florida Gov. Ron DeSantis. So they attack him at every opportunity. They lie and twist things like pretzels to head him off at the pass. How desperate are they? They make a “scandal” out of him wearing white “muck boots” in a flooded…
The Biden administration announced a slew of new efforts to further racial economic equity during the annual Freedman’s Bank Forum in Washington, D.C. Tuesday. The forum, acknowledging the history of the former Freedman’s Savings Bank that maintained accounts for formerly enslaved people before its ultimate collapse in 1874, served as an opportunity for government and…
Treasury Secretary Janet Yellen on Thursday said she believed high U.S. inflation would fall next year, but cautioned there are risks to this outlook. “I believe it’s going to come down certainly next year, although, let’s be clear, there are risks,” Yellen said, when asked about the inflation outlook at a conference sponsored by the…
The Internal Revenue Service gets grouchy when people do not file their income taxes on time, either by skipping an extension request, filing after the extension deadline or not submitting their tax return at all. That’s not a surprise, and the IRS metes out a stiff “failure to file” penalty to emphasize its displeasure. It’s…
How do you deal with a problem like the Internal Revenue Service? And how do you deal with your own tax problems as they pertain to the IRS? To be clear, I’m not talking about major problems like righteously owing lots of money for back taxes, plus interest and penalties, or being investigated for tax…
The Inflation Reduction Act gives the IRS $79.6 billion to be spread over 10 years. Some $45.6 billion of that would be directed towards enforcement of corporations and wealthy individuals. Put bluntly, that means more audits. Of the $79.6 billion, only $3.2 billion would be directed towards taxpayer services, like helping you out on the…
For roughly a year, Jonathan Baer watched a paper folder full of tax-related paperwork slowly grow as he chronicled his effort to claim his 2020 tax refund. The attempts included upwards of 40 phone calls to the Internal Revenue Service. Most ended without his having spoken to a person. The rare calls that did reach…
The Internal Revenue Service’s operations are catching heat as the tax agency is in line for an $80 billion budget boost under the Democrats’ proposed spending plan — and now there’s intense attention being focused on IRS workers who actually pack heat. It started as criticism from Republican leaders that the tax-collecting agency would bring…
The federal tax deduction that businesses and self-employed taxpayers can use for their work-related miles on the road is suddenly getting more generous, in a nod to gas prices that keep breaking records. The optional standard mileage rate for business-related driving is increasing to 62.5 cents a mile, starting in July, the Internal Revenue Service…
Hereâs a tweet from a government official that can be filed under âHâ for âhaving solved all other problemsâ: For the first time in our history, Treasury is displaying the Pride Flag to express our solidarity with LGBTQ+ Americans during Pride Month. @USTreasury remains committed to diversity, equity, and equal opportunity for all. pic.twitter.com/QJK5o2yuGn â…