Republicans Protest Biden’s IRS Threshold Requirement for Online Purchases
The IRS said last week it is once again delaying implementation of the new $600 1099-K threshold for tax year 2023.
Legislation
What Cannabusinesses Need to Know About the Potential Schedule III Drug Classification
The reclassification of cannabis will allow cannabis businesses to benefit from these tax credits and initiatives for programs or systems that many are already implementing.
Yellen Sets Goals for 2024 Filing Season, Calls Out House GOP for ‘Playing Politics with IRS Funding’
Treasury secretary says cutting IRS funding to pay for Republicans’ $14.3 billion Israel aid bill would be “damaging and irresponsible.”
House Passes Israel Aid Bill Tied to IRS Cuts
House Republicans passed a $14.3 billion Israel aid package Thursday, triggering a clash with Democrats over tax law enforcement.
Biden Would Veto House GOP’s Israel Aid Bill That Cuts IRS Funds, White House Warns
The legislation, championed by new House Speaker Mike Johnson, has already run into stiff bipartisan opposition from the Senate.
IRS Boosts Hiring for Taxpayer Assistance Centers
The agency has increased staffing at its TACs by 31% during FY 2023 thanks to funding from the Inflation Reduction Act.
So Far, the IRS Has Spent 2.5% of Its Inflation Reduction Act Money
As of June 30, the agency has spent approximately $1.95 billion of the nearly $80 billion it will receive over a 10-year period.
More People Are Paying the Net Investment Income Surtax These Days
The number of returns reporting the surtax has more than doubled and revenue from the tax has grown by $38 billion over the past decade.