Treasury Secretary wants a plan within six months. Secretary of the Treasury Janet Yellen asked the Internal Revenue Service to develop an operational plan for deploying the $80…
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President Signs Inflation Reduction Act
Bill addresses taxes, healthcare, and climate On Tuesday, President Joe Biden signed the Inflation Reduction Act into law, one he said he had waited 18 months to sign. The…
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Secretary Yellen Prepares IRS for Inflation Act Policy
She says the budget increase will not impact middle-class tax audits. Secretary of the Treasury Janet Yellen sent a letter to the Internal Revenue Service (IRS) last week…
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IRS To Clear 2021 Backlog This Week
Treasury secretary calls for additional funding as the service continues to struggle. The Internal Revenue Service (IRS) said on Tuesday that, by the end of this week, they…
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CBO Report Says Taxes Will Rise Higher
Highest for individuals since 1913. The nonpartisan Congressional Budget Office (CBO) has released its budget and economic outlook for 2022 and it shows that federal taxes are rising…
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Individual Income Taxes Surge
Will go higher as previous administration’s tax cuts expire. Americans are now paying the most in individual income taxes ever. According to a new budget analysis presented to…
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IRS to Raise Interest Rates in April
They set new rates every quarter per federal code. As of Friday, April 1, interest rates on amounts due to the Internal Revenue Service will increase for the…
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Treasury Department Announces IRS Backlog Strategy
Extra work from pandemic addressed with “aggressive plan.” The Department of the Treasury recently announced that they would be enacting an “aggressive plan” to catch up on heavily…
Read MoreIRS Will Begin Receiving Returns January 24
Agency is still catching up on 2020. Tax filing season for 2021 tax returns will begin on Monday, January 24, 2022, the Treasury Department announced. However, the office…
Read MoreIRS Increases 401(k) Contribution Limit
Maximum contributions to IRAs is unchanged. The Internal Revenue Service announced that workers will be able to set aside more money for their 401(k) plans in 2022. The employee contribution limit…
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