The Biden administration has recently made a proposition for several tax increases to America’s highest-earning individuals. These proposals were part of President Biden’s annual budget request that he presents to congress.… Continue reading
Latest News
New IRS Commissioner Daniel Werfel Begins Term
Just a few short days after the United States senate confirmed him, Daniel Werfel reported to IRS headquarters to get down to business. He was approved sometime last week by a relatively thin margin of 52-42. Part of the job … Continue reading
Tax Professionals Warned to be Weary of False ERC Claims This Year
While the Employee Retention Credit has helped out tons of employees throughout the United States, it has also caused tax preparers to be extra cautious when filing these claims. Currently, the IRS is working diligently to help practitioners prepare for … Continue reading
Biden to Propose Taxing America’s Wealthiest, 25%
US President Joe Biden will make a call to Congress to impose a minimum tax on billionaires as part of several proposed tax hikes on the country’s wealthiest individuals and corporations. The minimum tax imposed would be 25%. The proposed … Continue reading
Senator Manchin Says He Will Not Approve Biden’s Pick for IRS Commissioner
Last week, Joe Manchin who is a Democrat and West Virginia senator announced that he will not approve the president’s nomination for commissioner of the Internal Revenue Service. According to Manchin, one of the biggest reasons he is voting against … Continue reading
NY Lawmakers Seek Changes to Cannabis Tax
Two Key lawmakers in the state Legislature are calling to make changes to the way New York taxes cannabis, as the state plans for the launch of this new market this year. Assembly Majority Leader Crystal Peoples-Stokes and state Sen. … Continue reading
False W-2 Claims – A New Scam This Tax Season
The IRS is warning taxpayers to be aware of a new tax scam this season involving Form W-2. According to the agency, scammers are trying to convince taxpayers to use their wage information on a tax return to falsely … Continue reading
Top 5 Biggest Individual Refund States
Despite popular belief, the amount received on an individual tax return isn’t determined by the economic condition of the state. Furthermore, the size and population of a state also do not help determine an individual tax returns refund amount.
This … Continue reading
3 Keys to Know Before Filing Your Taxes
We are almost 6 weeks away from tax filing season, and IRS improvements are well underway which include things like staffing and tech upgrades as the agency continues to deploy its $80 million in funding from the Inflation Reduction Act… Continue reading
NY Cigarette Tax Increase Could Decrease States Tax Revenue
New York State is considering implementing a new cigarette tax that could have serious economic consequences. The proposed tax would increase the state’s cigarette tax from $4.35 to $5.35 per pack. While the goal of the tax is to discourage … Continue reading