Tag: Internal Revenue Service

Guess How Much This Debt Ceiling Nonsense Is Costing Us

Crisis averted; the debt ceiling has been raised. Before you turn your attention back to your summer travel plans and the challenges of inflation, let’s take stock of what these political shenanigans cost us. While it will be months before we know the official tally, the 2011 debt crisis provides some clues. The nonpartisan Government […]

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The Debt-Limit Deal Suggests Debt Will Keep Growing, Fast

The bipartisan deal to avert a government default this week featured modest cuts to a relatively small corner of the federal budget. As a curb on the growth of the nation’s $31.4 trillion debt load, it was a minor breakthrough, at best. It also showed how difficult — perhaps impossible — it could be for […]

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Prosecutors Scrutinize Political Nonprofit Groups for Fund-Raising Fraud

Federal prosecutors are scrutinizing at least 10 political nonprofit groups — including five recently profiled in The New York Times — seeking to determine if the groups defrauded donors, according to two recent subpoenas. The subpoenas, both signed by the same Manhattan-based federal prosecutor, sought recordings of the fund-raising calls made by two separate networks […]

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Pass the Debt Ceiling Deal

No one walked away satisfied by the agreement reached late Saturday to raise the debt ceiling: House Speaker Kevin McCarthy did not win the most destructive cuts sought by the right, and the Democratic proposals to raise revenue never seriously entered the conversation. Yet with the risk of ruinous economic default less than a week […]

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Did Biden Find Reasonable Middle in Debt Limit Deal or Give Away Too Much?

After weeks of tense wrangling between the White House and House Republicans, the fiscal deal reached on Saturday to raise the debt ceiling while constraining federal spending bolsters President Biden’s argument that he is the one figure who can still do bipartisanship in a profoundly partisan era. But it comes at the cost of rankling many in […]

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Takeaways From the Spending and Debt Ceiling Deal

President Biden and Speaker Kevin McCarthy reached an agreement on Saturday to raise the debt ceiling while imposing new restraints on federal spending. If approved by Congress, it will end a partisan deadlock and avert a potentially devastating national default. The deal will not only resolve the high-octane dispute over debt and spending issues that […]

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Takeaways From the Spending and Debt Ceiling Deal

President Biden and Speaker Kevin McCarthy reached an agreement on Saturday to raise the debt ceiling while imposing new restraints on federal spending. If approved by Congress, it will end a partisan deadlock and avert a potentially devastating national default. The deal will not only resolve the high-octane dispute over debt and spending issues that […]

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Takeaways From the Spending and Debt Ceiling Deal

President Biden and Speaker Kevin McCarthy reached an agreement on Saturday to raise the debt ceiling while imposing new restraints on federal spending. If approved by Congress, it will end a partisan deadlock and avert a potentially devastating national default. The deal will not only resolve the high-octane dispute over debt and spending issues that […]

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401(k) Hardship Withdrawals Tick Up as Inflation Stays High

More Americans are raiding their retirement accounts as the cost of living climbs, and experts predict that the number of workers drawing on their 401(k)s to pay for financial emergencies may increase due to a confluence of factors, like new provisions that make withdrawals easier and high inflation that is straining household budgets. “It’s just […]

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Investors See Hope for a Debt Limit Deal

A debt deal is in sight Investors are holding their breath on Friday morning, amid signs that the White House and top House Republicans are closing in on a deal to raise the debt limit and avert a government default. Stock futures are showing modest gains, while yields on Treasury bills maturing on June 8 […]

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How the Employee Retention Tax Credit Became a Magnet for Fraud

In early February, federal prosecutors in Utah accused Zachary Bassett and Mason Warr of cheating the United States government out of millions of dollars. The accounting firm they operated had submitted more than 1,000 fraudulent tax forms to the Internal Revenue Service on behalf of businesses trying to claim pandemic-era stimulus funds, the prosecutors said. […]

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When Will the U.S. Run Out of Cash? The Answer Is Complicated.

In letters to Congress and warnings to business leaders about the catastrophic consequences if the United States defaults on its debt, Treasury Secretary Janet L. Yellen has repeatedly offered an important caveat. She cannot give the exact date when the federal government will run out of cash. The United States reached its statutory $31.4 trillion […]

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George Santos Pushed Campaign Finance Abuse Past the Usual Line

There’s one immediate gratification in the details of the indictment against Representative George Santos issued on Wednesday: seeing the Department of Justice actually bring charges against a demonstrably untruthful public official for campaign finance violations. It doesn’t happen often enough in an era of widespread abuses, because so many abuses are either technically legal or […]

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U.S. Could Run Out of Cash by June 1, Yellen Warns

WASHINGTON — Treasury Secretary Janet L. Yellen said on Monday that the United States could run out of money to pay its bills by June 1 if Congress does not raise or suspend the debt limit, putting pressure on President Biden and lawmakers to reach an agreement to avoid a default. The warning over when […]

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Trickling Tax Revenue Complicates Debt Limit Talks

WASHINGTON — A vote by House Republicans last week to lift the nation’s debt limit in exchange for deep spending cuts was the first step in what is likely to be a protracted battle over raising or suspending the borrowing cap to avoid defaulting on United States debt. But while Republicans and President Biden and […]

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You Can Still File Your 2019 Taxes if You’re Due a Refund

Tax day for 2022 has passed. But another deadline looms for people who may be sitting on refunds because they have yet to file 2019 tax returns that were due in the early days of the pandemic. If they don’t file by the final cutoff of July 17, the U.S. Treasury keeps the money. Almost […]

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I.R.S. Official Is Said to Assert Political Meddling in Hunter Biden Inquiry

As Justice Department officials weigh whether to indict Hunter Biden, the investigator overseeing the Internal Revenue Service’s portion of the case has come forward with allegations of political favoritism in the inquiry that stand to add to the already fraught circumstances facing the department. Congressional leaders learned of the investigator’s allegations on Wednesday when a […]

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IRS supervisor: Biden administration mishandling Hunter Biden investigation

IRS supervisor: Biden administration mishandling Hunter Biden investigation | The Hill Skip to content Correction: The possible whistleblower is a current IRS supervisor. An earlier headline on this article contained incorrect information. A possible whistleblower is accusing the Biden administration of mishandling the investigation into potential tax crimes related to Hunter Biden and is seeking […]

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How the I.R.S. Became a Political Boogeyman

Alan Rappeport contributed reporting. The Daily is made by Rachel Quester, Lynsea Garrison, Clare Toeniskoetter, Paige Cowett, Michael Simon Johnson, Brad Fisher, Chris Wood, Jessica Cheung, Stella Tan, Alexandra Leigh Young, Lisa Chow, Eric Krupke, Marc Georges, Luke Vander Ploeg, M.J. Davis Lin, Dan Powell, Dave Shaw, Sydney Harper, Robert Jimison, Mike Benoist, Liz O. […]

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U.S. Car Brands Will Benefit Most From Electric Vehicle Tax Breaks

American brands like Tesla and General Motors will benefit most from rules that determine which electric vehicles qualify for tax credits starting on Tuesday. Foreign carmakers like Hyundai will be at a significant disadvantage because of restrictions aimed at cutting China out of the supply chain. Only 10 vehicles will initially qualify for tax credits […]

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What to Do With Your Tax Refund, According to Experts

The average federal income tax refund is smaller this year, but it’s still almost $3,000. And for strapped taxpayers, that can provide a financial boost. As of March 31, the average federal tax refund was $2,910, down 10 percent from $3,226 at the same time last year, according to the Internal Revenue Service. The drop […]

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I.R.S. Unveils $80 Billion Plan to Overhaul Tax Collection

WASHINGTON — The Internal Revenue Service on Thursday unveiled an $80 billion plan to transform itself into a “digital first” tax collector focused on customer service, laying the groundwork for an ambitious overhaul of one of the most scrutinized arms of the federal government. The long-awaited road map is a centerpiece of President Biden’s economic […]

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Trump Says the Justice System Has Been Weaponized. He Would Know.

As he awaits possible indictment by the Manhattan district attorney and remains under scrutiny in multiple other criminal investigations, former President Donald J. Trump has regularly railed against a justice system that he contends has been deployed against him by his political opponents. “The Biden regime’s weaponization of our system of justice is straight out […]

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Never Mind About Ron DeSantis

Bret Stephens: Hi, Gail. I guess we have to talk about Donald Trump’s potential indictment and arrest, right? But before we go there: You know how I told you that I’d vote for Ron DeSantis over Joe Biden? Well, never mind. Gail Collins: Bret! You’re gonna vote for our big-spending president? Student-loan forgiver? Tax-the-richer? Bret: […]

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Joe Biden: My Plan to Extend Medicare for Another Generation

Millions of Americans work their whole life, paying into Medicare with every working day — starting with their first job, even as teenagers. Medicare is more than a government program. It’s the rock-solid guarantee that Americans have counted on to be there for them when they retire. For decades, I’ve listened to my Republican friends […]

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Latino Workers Reach $1 Million Settlement Over Raid at Meat Plant

Nearly 100 immigrants who were rounded up during a 2018 raid at a meat processing plant in Tennessee have reached a $1.17 million settlement against the U.S. government and federal agents, who they said used racial profiling and excessive force during the operation, stepping on a person’s neck and punching another in the face. The […]

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IRS Decision Not to Tax Certain Payments Carries Fiscal Cost

WASHINGTON — More than 20 state governments, flush with cash from federal stimulus funds and a rebounding economy, shared their windfalls last year by sending residents one-time payments. This year, the Biden administration added a sweetener, telling tens of millions taxpayers they did not need to pay federal taxes on those payments. That decision by […]

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You Can Use Your Tax Refund to Buy I Bonds, but Should You?

You can buy up to $10,000 in electronic I bonds per person in a calendar year, with an online account at TreasuryDirect.gov. Plus, you can buy up to $5,000 more in paper bonds per tax return, using your federal income tax refund. (A couple filing a joint return can buy up to $25,000 per year.) […]

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Biden’s I.R.S. Nominee Will Be Grilled About $80 Billion Overhaul

“To presume this ‘pinky promise’ pledge has lasting impact, one must assume it somehow lasts 10 years, outlives multiple agency heads and does not change overnight without any recourse or accountability,” Senator Michael D. Crapo of Idaho, the top Republican on the committee, wrote in The Washington Examiner this week. “Neither the Treasury Department nor […]

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