Questions remain regarding country of assembly eligibility. The Department of the Treasury and the Internal Revenue Service released additional information regarding tax benefits on clean vehicle provisions under…
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Withdrawals From Retirement Plans Increase
Americans are taking “hardship” withdrawals from 40(k) plans. The Internal Revenue Service allows hardship withdrawal from retirement funds without penalty when there is an immediate or heavy financial…
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Treasury Secretary Supports IRS Commissioner Nominee
Daniel Werfel served in the IRS under President Obama. Secretary of the Treasury Janet Yellen has voiced her support of President Biden’s nomination of Daniel Werfel to the…
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Justice Department Seizes $3.36 Billion in Cryptocurrency
Over 50,000 Bitcoin had been stolen from an illegal marketplace. The Department of Justice has announced its second-largest-ever seizure of cryptocurrency, $3.36 billion in Bitcoin. The cryptocurrency was…
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IRS Hires 4,000 Customer Service Reps
Being trained in taxpayer rights and technical account management. The Internal Revenue Service announced that 4,000 additional customer service representatives have been hired and are being trained to…
Read MoreIRS to Increase Standard Deductions for 2023
They are responding to pressures of inflation. The Internal Revenue Service announced Tuesday that it is raising the income threshold for all tax brackets and will also increase…
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Average 401(k) Down $34,000 This Year
Americans have experienced more than $2 trillion in losses. New economic research has found that the average person’s 401(k) has lost some $34,000 in value since the beginning…
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Administration Fixes Obamacare “Family Glitch”
Gives 1 Million more Americans health care, mostly children. The Treasury Department and the Internal Revenue Service (IRS) published a final rule this week that fixes the Obamacare…
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House Bill Would Redirect IRS Funds to Border Patrol
Bill’s sponsor says failure to secure the border is a disaster. Representative Claudia Tenney of New York introduced legislation Wednesday that would redirect funds intended for the Internal…
Read MoreIRS Admits Website Exposure of Confidential Information
Officials say leaked taxpayer data did not include social security numbers. The Internal Revenue Service has acknowledge that private taxpayer information was accidentally disclosed on its website earlier…
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