The IRS Fiscal Year 2022 Budget talks about cryptocurrency and how the service is planning to use in-house technology and outside contractors to reinforce crypto tax compliance. Within the $13.2 billion total 2022 budget, $32 million ($3 million on IT specialist compensation, $6 million on hardware & software and $23 million on contractors) is allocated to
Taxes
Topline After the release of a major investigation by ProPublica based on over 15 years of confidential data from the Internal Revenue Service showed that the wealthiest Americans often pay little to no federal income tax, the agency’s Commissioner Charles Rettig told lawmakers that internal and external investigators are working to determine whether the data
Season 3 of The Kominsky Method is now streaming on Netflix NFLX , starring Michael Douglas as an aging actor who owns and operates an acting studio. With apologies for being late* to the party, season one features a story line with massive IRS problems that the fictional Sandy Kominsky and his acting studio must
Here I go again, harping on the United States’ stubborn adherence to citizenship-based taxation. I have previously argued that residence-based taxation (RBT) is the superior model for how a government should tax individual income, which could explain why the doctrine is (almost) universally relied on outside the United States. The preference for RBT stems from the
Tax hikes are coming—in fact, they are already in force, assuming they are passed as proposed. The “it’s already effective” rule is designed to prevent selling to get in under the wire. Whether that strategy will work depends on how good your crystal ball is. Make no mistake, these tax hikes pack a punch. The