The House of Representatives will be holding a vote on a plan that would abolish the IRS! According to a Fox News story by Houston Keene, holding the vote is part of the deal that got the Freedom Caucus to agree to Kevin McCarthy becoming speaker. Representative Earl (Buddy) Carter introduced the Fair Tax Act
Taxes
One of the happier problems for a tax whistleblower is turning to think about the percentage they may receive as an award from the IRS. Under the statute – 26 USC 7623(b)(1) – a tax whistleblower may receive 15 – 30% of the collected proceeds. For tax whistleblowers the challenge is how do they get
E-filing for individual tax returns (Form 1040) will open on Monday, January 23, the IRS recently announced. The Service will begin accepting and processing returns for tax year 2022. The IRS has used part of the money it received from the Inflation Reduction Act to hire more than 5,000 new telephone assistors and add more
In her 2023 Annual Report to Congress, National Taxpayer Advocate Erin Collins, writes, “We have begun to see the light at the end of the tunnel.” Indeed, earlier this month the IRS announced that it had completed the automatic adjustments of 2020 tax returns related to the exclusion of unemployment income that was passed by
The first Tax Court hobby loss opinion of the year is a taxpayer win. Paul and Patricia Wondries were facing deficiencies totaling $421,503 for the years 2015-2017. The issue was whether their 1,100 acre ranch was being run with the objective of making a profit. Judge Kathleen Kerrigan called it a close case but concluded