What’s on your desk right now? If you’re a tax professional, chances you have a monitor or two (or three) alongside a computer and, for the old-school among us, a well-worn, dog-eared tax reference book. Depending on the time of day, there may also be a cup of coffee, an energy drink, and maybe a
Taxes
The revenue provisions of President Biden’s fiscal year 2024 budget would lower after-tax incomes by an average of about $2,300 next year, according to a new analysis by the Tax Policy Center. His plan would raise average after-tax incomes for low-income households in 2024, leave them effectively unchanged for middle-income households, and lower after-tax incomes
The IRS has given victims of severe winter storms, flooding, landslides and mudslides in California that began March 9, 2023, until Oct. 16, 2023, to file various individual and business tax returns and make tax payments. Following the disaster declaration issued by FEMA, individuals and households affected by severe winter storms, flooding, landslides and mudslides
The 27,000 Americans with more than $10 million of income have lower average federal income tax rates than the 580,000 Americans with income between $1 million and $10 million. And though the share of federal income tax revenue from taxpayers with income in the top percentile rose from 33.2 percent in 2001 to 42.3 percent
The IRS is again warning taxpayers about phishing and smishing schemes as part of this year’s Dirty Dozen. Dirty Dozen The “Dirty Dozen” is an annual list of common scams taxpayers may encounter. Many of these schemes peak during tax filing season as people prepare their returns or hire someone to help with their taxes.