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IRS Says Your Tax Refund May Be Smaller in 2023

If you are expecting a tax refund for the 2023 tax year, it may be smaller than you originally hoped for, according to the IRS. Usually, you will receive a federal refund if you’ve overpaid yearly taxes or withheld … Continue reading

 

IRS to Raise Interest Rates for Q1 2023

In an announcement made on Tuesday, the Internal Revenue Service said that interest rates for the 1st quarter of 2023 (Jan. 1) will be increasing. This is due to the near 40-year highs of inflation the country has experienced over … Continue reading

 

IRS Pushing to Close Annual Tax Gap

As part of Congress’s additional $80 billion in funding over 10 years (which was included in the Inflation Reduction Act), the Government Accountability Office is pushing the Internal Revenue Service to do more to close the $428 billion annual … Continue reading

 

Home Equity Line of Credit (HELOC) – Basic Breakdown

A home equity line of credit, or HELOC, is a second mortgage on your home that gives you access to cash based on the value. A HELOC is typically used for larger expenses or to consolidate higher-interest-rate debt on other … Continue reading

 

Lawmakers in New York Seeking Gas Tax Holiday Extension

Over the summer, New York Governor Kathy Hochul and state lawmakers agreed to a suspension of New York State’s gas tax amid the rapidly increasing prices. This holiday saved residents about 17 cents per gallon at the time. However, with … Continue reading

 

Report: New York Has Largest Income Gap in the Country

The Institute on Taxation and Economic Policy released a report this month that the state of New York is home to the highest concentration of wealth, and has the largest gap between rich and poor in the United States. The … Continue reading

 

Global Corporate Tax Rates Stabilizing – Faced Decades of Decline

According to a recent report that was released by the Organization for Economic Co-operation and Development (OECD), Corporate tax rates are beginning to stabilize after decades of being on the decline.  For years upon years, we have seen governments … Continue reading

 

IRS Amping Up Its Battle Against Tax Cheats

Wealthy Americans who choose to cheat on their taxes are facing the biggest threat from the IRS that they have seen in years. In recent weeks, we have seen increased efforts by certain members of Congress to put a stop … Continue reading

 

Behind the FTX Collapse, U.S Prosecutors Taking Aim

FTX is an online trading company that allows you to buy, sell, and store Bitcoin, Ethereum, and many other cryptocurrencies and digital assets. The company’s offshore status and its willingness to keep American traders off its Bahama-based exchange successfully shielded … Continue reading

 

Crypto Crash; Investors May Need to Act Fast to Reduce Tax Bill

It has been a bad week for cryptocurrencies following the collapse of the offshore exchange FTX. The recent decline in bitcoin in 2022 must-have caused many crypto investors to give up on digital assets, at least for the time being. … Continue reading