AHouse-passed bill rescinding $71.5 billion for the hiring of up to 87,000 IRS agents has languished in the Democrat-led Senate for nearly four weeks without a vote. 

The funding was part of the $740 billion Inflation Reduction Act (IRA) that Democrats passed last year.

House Speaker Kevin McCarthy pledged to schedule a vote to eliminate the funding as his first order of business in the new, Republican-led House. The GOP bill passed along party lines on Jan. 9.

The Internal Revenue Service (IRS) has issued a checklist to make tax preparation smoother in 2023, which features a key cautionary tip on how to avoid getting a dreaded notice or bill from the tax man.

 

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The Internal Revenue Service (IRS) issued an alert to taxpayers on Tuesday, reminding them that they must report all digital asset-related income and answer a new digital asset question on their 2022 federal income tax return or face consequences such as delayed refunds or even penalties.

 

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Some California politicos are proposing an additional “wealth tax” on the state’s richest residents.

And while many of you will laugh at my pain, the Democrats want this tax enacted nationally…so it concerns you, too.

When Sen. Joe Manchin (D-W.Va.) this weekend endorsed bolstering Social Security by ending a payroll tax exemption for the rich, he was backing a proposal pioneered by progressive lawmakers more than two decades ago.

The question now is whether President Joe Biden — who has pushed Social Security cuts in the past and whose new chief of staff touted such cuts — will seize the opportunity to shore up the system’s revenue, or instead try to strike a deal with Republicans to slash the program.

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California lawmakers are pushing legislation that would impose a new tax on the state's wealthiest residents — even if they've already moved to another part of the country.

Assemblyman Alex Lee, a progressive Democrat, last week introduced a bill in the California State Legislature that would impose an extra annual 1.5% tax on those with a "worldwide net worth" above $1 billion, starting as early as January 2024.

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The Internal Revenue Service (IRS) has issued an alert to taxpayers, encouraging them to adjust their 2023 withholding so as to either avoid effectively giving the government an interest-free loan of their money or face the prospect of penalties and interest if too little tax is withheld.

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