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Keyword: irs

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  • Treasury warns of 'enormous challenges' this tax filing season that could delay refunds

    01/10/2022 12:51:54 PM PST · by Oldeconomybuyer · 41 replies
    The Washington Post via SF Gate ^ | January 10, 2022 | by Jeff Stein, The Washington Post
    Treasury Department officials on Monday said that the Internal Revenue Service will face "enormous challenges" during this year's tax filing season, warning of delays to refunds and other taxpayer services. In a phone call with reporters, Treasury officials predicted a "frustrating season" for taxpayers and tax preparers as a result of delays caused by the pandemic, years of budget cuts to the IRS, and the federal stimulus measures that have added to the tax agency's workload. Mark Everson, who served as the IRS commissioner during the George W. Bush administration, said "practitioners across the country are very concerned" about the...
  • Biden, Democrats require Venmo, PayPal, others to report $600 or more of payments to IRS

    01/06/2022 6:04:06 AM PST · by Red Badger · 87 replies ^ | January 5, 2022 - 5:09pm | By Nicholas Ballasy
    The law was included in the Democrats' $1.9 trillion American Rescue Plan Act, which was passed with only Democratic votes through budget reconciliation to avoid the Senate filibuster -------------------------------------------------------------------- *resident Joe Biden and Democrats in Congress passed a new rule that requires payment companies and cash applications such as Venmo and PayPal to report $600 or more of payments to the Internal Revenue Services. The law was included in the Democrats' $1.9 trillion American Rescue Plan Act, which was passed with only Democratic votes through budget reconciliation to avoid the Senate filibuster. The new rule took effect at the beginning...
  • IRS reminds taxpayers that they have to report any income from crime, such as dealing drugs

    12/31/2021 4:29:10 PM PST · by Mr. Mojo · 45 replies
    Penn Live ^ | Dec 31, 2021 | Heather Morrison
    The IRS doesn’t want you to forget to include income from dealing illegal drugs or stolen property on your tax forms this year. “Income from illegal activities, such as money from dealing illegal drugs, must be included in your income on Schedule 1 (Form 1040), line 8z, or on Schedule C (Form 1040) if from your self-employment activity,” the IRS’ website states. The list was created to help those preparing their 2021 tax returns. It also mentions stolen property — unless it’s returned to the owner. “If you steal property, you must report its fair market value in your income...
  • Don't forget to declare income from stolen goods and illegal activities, IRS says

    12/29/2021 4:49:27 PM PST · by Oldeconomybuyer · 49 replies
    NBC News / Comcast ^ | December 29, 2021 | by BEN POPKEN
    As you wind down the year, cleaning out drawers and emptying wallets of receipts, don’t forget to report to the IRS any income you brought in from drug deals, bribes, stolen goods, prostitution or other illegal activity. According to IRS publication 17, the Internal Revenue Service wants taxpayers to include on their forms “income from illegal activities, such as money from dealing illegal drugs.” Make sure you put that on “Schedule 1 (Form 1040), line 8z, or on Schedule C (Form 1040) if from your self-employment activity,” the IRS wrote. The agency also requests that “if you steal property, you...
  • Constitutional amendment proposal would repeal federal income tax and the 16th Amendment which authorizes it

    12/21/2021 6:59:33 AM PST · by EBH · 40 replies
    GovTrack ^ | 12/14/2021 | Jesse Rifkin
    Unlike the John Mellencamp lyrics from Jack and Diane, “Don’t actually hold onto 16 as long as you can.” Context The first federal income tax was instituted in 1861 to pay for the Civil War, then repealed in 1872, a few years after the war’s end. After it was reimplemented in 1894, as the first peacetime national income tax, the Supreme Court struck it down as unconstitutional in the 5–4 decision Pollock v. Farmers’ Loan and Trust Company, because it wasn’t apportioned according to the states’ populations as the Constitution at the time required. So how to ensure that a...
  • IRS Filing Confirms: Zuckerberg Grantee Spent $332 Million for ‘Local Election Administration’ in 2020

    12/18/2021 1:42:57 PM PST · by Enlightened1 · 27 replies
    Breitbart ^ | 12/17/21 | Michael Patrick Leahy
    A compliance document filed with the Internal Revenue Service by the Mark Zuckerberg-funded Center for Technology and Civic Life (CTCL) confirms the nonprofit spent $332 million in “grants and other assistance to domestic organizations and domestic governments” in the 2020 election to “increase civic participation by modernizing engagement between local gov[ernment] and the people they serve.”As Breitbart News reported in October 2020, “Facebook founder and CEO Mark Zuckerberg announced on Tuesday that he and his wife have donated an additional $100 million to a ‘safe elections’ project run by the non-profit Center for Technology and Civic Life (CTCL), bringing their...
  • BREAKING: New IRS Disclosures Confirm Flood of Private Money to Elections Offices from Zuckerberg Grantee

    12/16/2021 4:52:23 PM PST · by absalom01 · 9 replies
    Capital Research Center ^ | December 16, 2021 | Parker Thayer,
    Newly released filings for the Center for Technology and Civic Life (CTCL) reveal how the infamous Chicago-based nonprofit funneled hundreds of millions of dollars to local elections offices in an effort to privatize the 2020 election and put Joe Biden in the White House.For over a year, CRC has been on the cutting edge of reporting on this “dark money” behemoth, which used the COVID-19 pandemic to support an unprecedented flood of mail-in ballots with unaccountable drop-boxes in critical Democratic cities.The group’s IRS Form 990 filing for 2020 reveals thousands of grants to elections offices across the country. We’re still...
  • 'Build Back' Bill Adds 87,000 IRS Agents, Cuts Money for Hospitals in Red States: 'It's Mean-Spirited'

    12/15/2021 10:55:38 AM PST · by Red Badger · 38 replies ^ | DECEMBER 15, 2021 | Steve Warren
    President Joe Biden's "Build Back Better" plan, which is currently stalled in the U.S. Senate, has drawn even more questions about controversial items in the proposed $2 trillion bill. One of those items is $80 million for hiring 87,000 new Internal Revenue Service (IRS) agents, according to multiple sources, including Americans for Tax Reform and Headline USA. In a statement released on the Build Back Better framework in late October, the White House said "the IRS does not have the resources it needs to pursue wealthy tax cheats." But new evidence indicates tens of thousands of those new IRS agents...
  • Why Did The IRS Audit Donald Trump, But Not Joe Biden?

    12/13/2021 9:41:45 AM PST · by SeekAndFind · 18 replies
    The Federalist ^ | 12/13/2021 | Christopher Jacobs
    Is Lois Lerner in charge of determining which politicians to audit at the IRS?That’s a relevant question from a recent Washington Post article looking into Joe Biden’s taxes. The Post received confirmation that the Internal Revenue Service declined to audit Biden’s returns from the years before he became president. But separate reporting confirmed that the IRS did audit Donald Trump’s returns from the years before he became president.This raises an obvious question: Why the disparity?This important question comes as Democrats want to give the IRS $80 billion in new funding over a decade, along with new enforcement authority—including to obtain...
  • HarrisX Poll shows strong public opposition to Biden's plan to spend $80 billion to hire almost 87,000 new IRS agents and vastly increase audits

    12/13/2021 7:33:46 AM PST · by SeekAndFind · 25 replies
    American Thinker ^ | 12/13/2021 | Thomas Lifson
    Thank goodness the public understands at least some of the horror that would be unleashed on us if Biden's Build Back Bankrupt plan were to become law. One of the worst features of the bill is that it would sic hordes of new and inexperienced IRS auditors on middle America, not the billionaires that Democrat propaganda would have believe are going to be forced to "pay their fair share."These new agents would be under pressure to prove their worth by shaking down businesses that have done their best to comply with the complex and often difficult to understand IRS regulations,...
  • IRS Record Tax Collection: $565,135,000,000 in First Two Months of FY 2022

    12/12/2021 2:38:22 PM PST · by ChicagoConservative27 · 14 replies
    Breitbart ^ | 12/12/2021 | Penny Starr
    The U.S. Treasury is reporting a record amount of taxes collected in the first two months of fiscal 2022 (October, November) — $565,135,000,000. The federal government also collected a record $282,094,000,000 in individual income taxes in the first two months of this fiscal year.
  • IRS Data Proves Trump Was Right About Tax Cuts: The Tax Cuts and Jobs Act gave the most tax relief to working-class Americans — not the wealthy who Biden says need to "pay their fair share."

    12/06/2021 8:13:43 AM PST · by SeekAndFind · 8 replies
    Townhall ^ | 12/06/2021 | Spencer Brown
    Democrats including President Biden, Nancy Pelosi, Chuck Schumer, and most of the mainstream media have trotted out the claim that President Trump's tax cuts only benefited wealthy Americans. This dubious line has been used in attempts to justify the tax increases that will be necessary to fund President Biden and congressional Democrats' woke and expensive Build Back Better Act that now faces an uphill battle in the United States Senate. The only problem with their claim about Trump's tax cuts, not a rare one for Democrats seeking to force their agenda on the American people, is that it's just not...
  • IRS data proves Trump tax cuts benefited middle, working-class Americans most

    12/04/2021 11:29:03 AM PST · by yesthatjallen · 37 replies
    The Hill via Yahoo ^ | 12 04 2021 | Staff
    President Biden and congressional Democrats' Build Back Better (BBB) Act is now in the hands of the Senate. That legislative body's 50-50 partisan split will undoubtedly make the bill's passage difficult. In order for BBB to become law, Democratic Senate leadership will need to convince moderates such as Sens. Kyrsten Sinema (D-Ariz.) and Joe Manchin (D-W.Va.) that the legislation's $2.4 trillion price tag can be offset by expanding the IRS and its enforcement efforts while imposing substantial tax reform measures. Congressional Democrats have argued that one of the best ways to pay for the legislation is to raise taxes on...
  • Added IRS Funding Spells Bad News for Minority Communities

    11/28/2021 6:03:22 AM PST · by Kaslin · 22 replies ^ | November 28, 2021 | Daniel Savickas
    The Biden administration is scrambling to come up with ways to pay for its trillions of dollars of social program proposals. One such way they’ve proposed to do this is to give the Internal Revenue Service (IRS) more funding to go after potential tax cheats. Proponents say more money for the IRS will pay for itself by allowing the agency to go after millionaires and billionaires who are underpaying on their federal tax returns. However, if the IRS’s past track record is any indication, it will not be the rich and powerful that come under their microscope. Before ProPublica resorted...
  • 220 House Democrats Vote for IRS Surveillance of Americans' Bank Accounts

    11/22/2021 9:40:41 AM PST · by SeekAndFind · 35 replies
    Townhall ^ | 11/22/2021 | Spencer Brown
    Democrat members of the House of Representatives killed a Republican motion on Sunday aimed at protecting Americans from IRS surveillance of their private finances in the latest instance of Nancy Pelosi's caucus seeking to give government a larger and more intrusive role in Americans' lives. The motion to recommit, brought to the House floor by Rep. Kevin Brady (R-TX), would have stripped funding Democrats included in President Biden's budget bill to increase IRS enforcement and also prohibited the creation of an IRS program to spy on Americans' bank accounts.Speaking on the floor in support of his motion, Rep. Brady —...
  • Build Back Better-Funded IRS Would Be ‘Nightmare’ for American Families: GOP Memo

    11/20/2021 9:21:01 PM PST · by SeekAndFind · 13 replies
    Epoch Times ^ | 11/21/2021 | Naveen Athrappully
    House Minority Leader Kevin McCarthy (R-Cali.) distributed a memo (pdf) to GOP lawmakers Thursday claiming that the expanded provisions in President Biden’s social spending bill will result in an additional 1.2 million IRS audits each year.Nearly 50 percent of the audits—over 583,000—would be targeted at families earning less than $75,000, and 25 percent—over 313,000—at those earning up to $25,000 per year. According to the memo penned by Republican members of the tax-writing House Ways and Means Committee, $80 billion is allotted in mandatory funding towards the IRS, which will help in recruiting 87,000 new agents who will target Americans at...
  • Think You Have Nothing to Hide From IRS Bank Snooping? It Might Not Matter.

    11/18/2021 9:36:56 AM PST · by Kaslin · 14 replies ^ | November 18, 2021 | Andrew Wilford
    Lost in the shuffle of all the potential revenue-raising proposals being put forward by Democrats to pay for legislation that could end up costing taxpayers more than $5 trillion is a provision that would drastically expand the federal government’s power to monitor Americans’ finances. In light of Uncle Sam’s failures to responsibly safeguard — and tendency to sometimes abuse — the powers he already has over your wallet, giving him even further authority to snoop is a recipe for disaster. The provision in question would require all types of financial institutions to report gross inflows and outflows from any account...
  • IRS Snooping Could Imperil Consumer Data

    11/16/2021 6:31:22 AM PST · by Kaslin · 18 replies ^ | November 16, 2021 | Edward Longe
    Arguably one of the most concerning provisions in the Democrats’budget reconciliation package is enabling the Internal Revenue Service (IRS) to look into American's bank accounts if they have deposits greater than $10,000, excluding salaries, each year. Not only does this provision represent a flagrant violation of privacy and a constitutional right to unreasonable search and seizures, but the provision could also leave Americans vulnerable to cybercrime and the threat of identity theft. Under the proposal, banks would have to disclose to the IRS accounts "accounts that have total annual inflows or withdrawals of at least $10,000." The Treasury Department hopes...
  • Rep. Thomas Massie: Federal agencies weaponized against conservatives

    11/14/2021 12:00:14 PM PST · by RandFan · 20 replies
    twitter ^ | Nov 14 | Congressman Massie
    @RepThomasMassieDOJ, FBI, IRS, DOEdu, CDC, BLM, OSHA, ATF, EPA… These agencies are either mildly or aggressively weaponized against conservatives depending on which party wins the elections. It’s a fallacy that they can be staffed by 75-90% liberals and serve all Americans impartially.
  • Gladys Knight’s son gets prison over restaurant taxes

    11/05/2021 10:08:26 AM PDT · by Oldeconomybuyer · 30 replies
    The Associated Press ^ | November 5, 2021
    ATLANTA (AP) — The son of R&B legend Gladys Knight has been sentenced to serve two years in prison for failing to withhold payroll taxes for the restaurants that bore his mother’s name, federal prosecutors in Atlanta said. Shanga Hankerson opened his first restaurant, Gladys Knight’s Chicken and Waffles, in Atlanta in 1997. Over the next several years, he opened at least three more locations in Georgia and Washington, D.C. Hankerson, 45, “willfully disregarded his tax obligations for many years,” Acting U.S. Attorney Kurt Erskine said in a news release. During his sentencing Wednesday, Hankerson, who pleaded guilty in July,...