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The acting head of the IRS says the current tax-filing season has gone well, while acknowledging the tough challenge the cash-strapped agency faces of administering the new tax law that will affect 2019 returns. Acting IRS Commissioner David Kautter told Congress Thursday that some 79 million refunds totaling about $226 billion have been issued as of April 6, averaging $2,900 - up $13 from last year.
As Politico's Playbook highlighted this morning , if Democrats are able to take over either chamber of Congress - a possibility that is appearing more and more likely - they could get their hands on the president's returns.
Georgia's legislators gaveled things to a close last week and for the first time in a while, it was a session that provided some positive accomplishments for taxpayers. For the first time since at least 2002, Georgia will not have "austerity cuts" for K-12 public schools in the state budget for the new fiscal year.
New Jersey has a major crisis on its hands. Its political leaders are refusing to address the elephant in the room that is crippling blue-collar families by hindering job creation, wage growth, and quality of life.
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New Jersey will have the highest percentage of taxpayers facing a tax hike this year as a result of the Republican rewrite of the federal tax code, according to a new report. The Tax Policy Center, a think tank based in Washington, D.C., said in a report Wednesday that 10.2 percent of New Jersey taxpayers will see their tax bills rise.
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The U.S. Supreme Court on March 21, 2018, reversed the Second Circuit in a 7-2 decision in Marinello v. United States, holding that to convict a defendant under the Omnibus Clause of Code Section 7212 the government must prove that the defendant was aware of a pending tax-related proceeding, such as a particular investigation or audit, or could reasonably have foreseen that such a proceeding would commence.
By LISA MASCARO and MATTHEW DALY Associated Press WASHINGTON - With passage of an enormous budget bill, the GOP-controlled Congress all but wrapped up its legislating for the year.
With passage of an enormous budget bill, the GOP-controlled Congress all but wrapped up its legislating for the year. But will it be enough to convince voters to give Republicans another term at the helm? In two big ways, Republicans have done what they promised.
If you want any kind of credit these days, you're going to get assessed by one of the private credit bureaus for credit worthiness. These bureaus rely on data from past and present creditors to evaluate your position.
On Tuesday New Jersey's new Democratic governor, Phil Murphy, broke sharply with President Trump and Congress on taxes. He used his first budget address to propose a hefty tax hike on millionaires.
Missouri's Senate on Monday approved a 10-cents per-gallon fuels tax increase, phased in over a five-year period. But the proposed increase is far from a done deal, since it was added to a 420-page bill that makes numerous changes to the ways state government gets its revenues - and still must win the Senate's final approval.
But now, Democrats have one-upped him in figuring out a terrific way to fund the work. Their solution: undo the tax cuts approved by Trump and congressional Republicans last year and use that revenue for infrastructure projects.
Following continuing threats to taxpayers, the Internal Revenue Service has added "phishing" schemes to its list of top filing season concerns and part of the annual listing of the "Dirty Dozen" tax scams for 2018. The IRS warned taxpayers, businesses and tax professionals to be alert to fake emails or websites looking to steal personal information.
In passing President Trump's tax cut bill, Congress approved a new program that allows investors to defer paying taxes on capital gains if they invest in "Opportunity Zones." The Investing in Opportunity Act, sponsored by Sens. Cory Booker, D-N.J., and Tim Scott, R-S.C., allows community development financial institutions to create Opportunity Funds that invest in Opportunity Zones.
Resistance to the Republican tax overhaul comes with an ideological twist for some Democratic state officials: They've styled themselves as champions of the working class but are pushing hard for measures that would reduce taxes mostly for the wealthy. Democratic governors and lawmakers in a handful of high-income, high-tax states are promoting policies that are intended to spare their residents the pain of the new $10,000 cap on deductions for state and local taxes.
Strong ironies are playing out as California's 14 Republican members of Congress support President Trump's announced $1.5 trillion infrastructure plan at the same time they all back a planned ballot initiative to repeal the state's new gasoline and diesel fuel tax increase. No state needs more work on its infrastructure than this one, where more than 1,300 bridges of various sizes and shapes require seismic retrofitting and potholes are common on every type of road from country lanes to major urban freeways.
The Internal Revenue Service released a new tool Wednesday designed to help millions of Americans ensure they're not dramatically underpaying or overpaying their taxes under the new Republican tax law. The online calculator allows taxpayers to compare how much their employer is withholding for taxes on their pay stub to a government projection of how much should be withheld.
Millions of Americans are now getting bigger paychecks as a result of the new tax law. So the government is issuing an online calculator for figuring whether enough money is being set aside.