Government taxation and revenue
After ‘misery’ for tax filers in 2022, IRS to start 2023 tax season stronger, taxpayer advocate says
Mykhailo Polenok / Eyeem | Eyeem | Getty Images After another challenging year for the IRS in 2022, the agency may be primed for a better 2023 tax season — but improvements may take time. The National Taxpayer Advocate on Wednesday released its annual report to Congress covering last year’s biggest issues at the IRS, […]
Read More
Mega Millions jackpot jumps to $1.35 billion for the next drawing. Here’s the tax bill if there’s a winner
Scott Olson | Getty Images You may face long odds of hitting the Mega Millions jackpot — now worth $1.35 billion — but the taxman is always guaranteed a slice when there’s a winner. The jackpot jumped again after no ticket matched all six numbers drawn Tuesday night to land the grand prize. If won […]
Read More
Did Trump donate his presidential salary in 2020? Tax returns don’t tell whole story
Important Factors The Property Ways and Implies Committee publicly released previous President Donald Trump’s 2015 to 2020 tax returns on Dec. 30. Some experiences advised the Trump tax returns present he broke a promise to donate his $400,000 income in 2020. However, accountants say it can be unclear no matter if this happened or not. […]
Read More
‘Don’t wait until March’ to hire a tax pro, says advisor — 3 moves to make before the 2023 tax filing season opens
mediaphotos | E+ | Getty Images Enlist tax prep help One of the first things to consider: Will you be filing your own taxes this year or tapping an expert to file a return on your behalf? If you’re planning to hire a tax preparer, January is a good time to find someone, said certified […]
Read More
House Republicans vote to strip IRS funding, following pledge to repeal nearly $80 billion approved by Congress
New U.S. Speaker of the House Kevin McCarthy, R-Calif., speaks with reporters in Washington, Jan. 7, 2023. Jon Cherry | Reuters House Republicans on Monday night voted to slash funding for the IRS, following a pledge from newly-elected Speaker Kevin McCarthy to repeal the money approved by Congress last year. Passing along party lines, the […]
Read More
Previous Trump Firm CFO Allen Weisselberg set to be sentenced in tax fraud situation
Previous CFO Allen Weisselberg leaves the courtroom for a lunch recess in the course of a trial at the New York Supreme Court on November 17, 2022 in New York Town. Michael M. Santiago | Getty Pictures Previous Trump Business Chief Monetary Officer Allen Weisselberg is set to be sentenced Tuesday immediately after pleading responsible […]
Read More
U.S. Dwelling Speaker Kevin McCarthy pledges to deal with immigration, ‘woke’ education procedures and IRS funding
Speaker of the Dwelling Kevin McCarthy (R-CA) addresses the House of Associates for the initially time immediately after becoming elected Speaker of the U.S. Property of Associates in a late night 15th round of voting on the fourth day of the 118th Congress at the U.S. Capitol in Washington, U.S., January 7, 2023. Jon Cherry […]
Read More
The Mega Millions jackpot is $785 million. Taking the lump sum is ‘typically a big mistake,’ lottery lawyer says
This could be a very good year for one lucky winner of the fourth-largest jackpot in Mega Millions history. And yet, kicking off 2023 with $785 million could have a downside. “The curse of the lottery losers is very real,” said Andrew Stoltmann, a Chicago-based lawyer who has represented several recent lottery winners. One of […]
Read More
5 tax and investment changes that could boost your finances in 2023 amid economic uncertainty
1. Bigger contribution limits on retirement accounts If you’re eager to boost your retirement savings, there’s good news for 2023: higher contribution limits for your 401(k) and individual retirement account. In 2023, the employee deferral limit is $22,500, up from $20,500, and catch-up deposits for savers age 50 and older jump to $7,500, up from […]
Read More
Trump tax returns show previous president was topic to $10,000 SALT cap — but gurus say he might have sidestepped the restrict
Essential Details Donald Trump’s cash flow tax returns for 2015 to 2020 have been publicly introduced on Friday by the Property Methods and Suggests Committee immediately after a lengthy authorized struggle. The tax returns exhibit that he paid at minimum $5 million in point out and regional taxes every of these many years. Starting up […]
Read More