Financial analysts watching 2022 tax receipts closely. The Department of the Treasury released the daily financial statement for the annual tax filing deadline last week, showing a total…
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Proposed Legislation Aimed at Ending Federal Income Tax
The proposed Fair Tax Act would be based on consumption and sales tax. Representative Buddy Carter, along with 30 other House members, introduced a proposed bill called the…
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FHA-insured Home Equity Conversion Mortgages Offer Flexibility
Grants homeowners relief on repaying reverse mortgage property charges. The Federal Housing Administration (FHA) has announced the implementation of the COVID-19 HECM Property Charge Repayment Plan. This plan…
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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…
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IRS 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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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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President Biden Submits the 2023 Fiscal Year Proposal
Budget reveals the president’s priorities and leadership goals. President Biden submitted his proposed budget for the 2023 fiscal year to Congress on Monday. The $5.8 trillion plan will…
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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 Secretary Extends Tax Deadline
Payments will not be due until July 15. Treasury Secretary Steven Mnuchin announced on Friday that U.S. Taxpayers would be offered a three-month extension to file their taxes…
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Senate Passes Coronavirus Funding Bill
President expected to sign it The Senate has passed the House’s bill intended to provide economic relief in response to the COVID-19 pandemic. H.R. 6201, the Families First…
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