On March 9, 2023, President Biden released his official budget. As expected, his budget priorities include increasing taxes on corporations and high earners, boosting spending on policy items like energy and education, and moving to reduce the deficit. Budget Proposals Are Not Law But before you rush out and make plans based on the budget,
Taxes
Some say that an Oscars statuette is the most valued item in Hollywood and one of the most coveted for launching or capping a career. The faux gold statue isn’t taxed as income, but all those pricey luxury goods advertisers hand out to stars? You guessed it, they are taxable income. And the gifts are
If you’re a regular reader, you were likely expecting a reminder about filing for an extension during tax season. If I had to guess, you thought it might pop up in April—not at the beginning of March. I’m doing things a little differently this year. And there’s a reason. I want to change the narrative
We’re coming down to the home stretch for tax season, which opened on Jan. 23, 2023, and will run until Apr. 18, 2023. IRS numbers continue to indicate that taxpayers are getting their returns in and processed more quickly than they did last year. The most recent data available compares the filing weeks ending Feb.
The IRS has a new commissioner. On Thursday, Mar. 9, 2023, the Senate voted to confirm Daniel Werfel to lead the IRS. The confirmation vote was 54-42, with four Senators not voting, including Dianne Feinstein (D-CA), John Fetterman (D-PA), and Mitch McConnell (R-KY), who were not available due to medical reasons. Only one Democrat voted