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The Latest Breaking News from Internal Revenue Service

Tax season 2023 gets underway. Your questions answered

IRS starts accepting and processing 2022 returns on Jan. 23, but last-minute filers will have a little extra time.

Fortune

Cook County Commissioner Sean Morrison took $300K from nonprofit linked to Ken Griffin

Morrison got the money in his tight reelection race from a nonprofit that has financial ties to a PAC funded by the billionaire.

Chicago Sun-Times

Whatever the Fate of the Fair Tax Act, Congress Should Still Abolish the IRS

Getting rid of the much-despised tax agency would be a good idea. It’s unlikely to happen anytime soon.

Reason

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Alexis Leondis: The IRS needs billions to make trillions

Regardless of how you feel about the Internal Revenue Service — it’s dysfunctional, it’s underfunded, or both — there’s a basic point that’s hard to refute: The current system to ferret out wrongdoers is terrible. And in a move that will only make it worse, House Republicans voted Monday to…

Tribune News Service

How House Republicans will investigate Biden after Democrats probed Trump

WASHINGTON — The new Republican majority in the U.S. House is readying a fusillade of investigations into President Joe Biden, his family and his administration, upholding a key promise of the midterm election campaigns following Democratic-led inquiries of former President Donald Trump.

Tribune News Service

IRS gives drenched Californians an extra month to file tax returns

The Internal Revenue Service offered a lifeboat of sorts Tuesday to California residents and businesses floundering in the atmospheric river: More time to pay their income taxes.

Los Angeles Times

Finally Approved as House Speaker, McCarthy Aims To Cut IRS Funding

Plus: More documents showcase government pressure on social platforms, appeals court to reconsider ban on nonviolent felon gun ownership, and more...

Reason

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Trump Tax returns' release might start tit-for-tat battle in Congress, GOP aide says

WASHINGTON — Democrats’ plans to release former President Donald Trump’s tax returns could be the start of a tit-for-tat battle using Internal Revenue Service documents to target political foes, a Republican aide said.

Tribune News Service

Editorial: Question remains unanswered of why the IRS failed to audit Trump's taxes

A gaping question remains to be answered following the House Ways and Means Committee’s decision to release Donald Trump’s tax returns: Why did the Internal Revenue Service fail to audit Trump’s taxes during the first two years of his presidency, as required by law? There’s a growing mountain of circumstantial…

St. Louis Post-Dispatch

Editorial: Decision to release Trump's tax returns doesn't pass the smell test

Democrats on the House Ways and Means Committee were so busy patting themselves on the back after Wednesday’s partisan vote to publicly release former President Donald Trump’s tax returns that they forgot one thing: explaining why this is legally necessary or proper. The vote wasn’t an attempt to uphold the…

St. Louis Post-Dispatch

US House committee votes to make Trump tax returns public

The Democrat-led panel voted in a closed session to release six years of records pertaining to the former president.

Al Jazeera

US Supreme Court paves path to obtain Trump’s tax returns

The decision concludes a three-year legal battle over efforts to obtain the former president’s taxes.

Al Jazeera

IRS contractor gets more scrutiny in congressional report

House investigators say a federal contractor that provided identity verification services for the Internal Revenue Service overstated its capacity to perform its services

The Independent UK

Trump seeks halt to House tax data access

Former US president Donald Trump is trying to stop his tax returns from being handed to a congressional committee.

The New Daily

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The Independent UK

Trump asks justices to keep tax returns from House committee

Former President Donald Trump is going to the Supreme Court, again, this time to try to stop his tax returns from being handed to a congressional committee

WEKU

The IRS is increasing the standard deductions for 2023 as inflation intensifies

The IRS is increasing energy-related tax breaks, as well as standard deductions for single and married people and heads of households.

Reuters

U.S. IRS identifies 79 tax fugitives in Mexico, neighbors

The Internal Revenue Service's Criminal Investigation unit said on Thursday it has located 79 tax evasion fugitives in Mexico, Belize, El Salvador, Guatemala and Honduras in the first year of a new extradition initiative.

The Independent UK

NY probe found potential crimes. Why isn't Trump in cuffs?

New York’s attorney general isn’t arresting former President Donald Trump even though she says her three-year investigation uncovered potential crimes in the way he ran his real estate empire

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Tribune News Service

Biden likely to nominate estate-tax expert as IRS’s top lawyer

President Joe Biden is likely to nominate Beth Kaufman, a partner at the law firm Caplin & Drysdale, to be the top lawyer at the Internal Revenue Service as the White House prepares to overhaul the agency’s leadership, according to people familiar with the matter.

Los Angeles Times

The IRS is getting a lot more money for audits. Should you be worried?

Did a shiver go down your spine when you heard that Congress is pouring a whopping $80 billion into the Internal Revenue Service over the next 10 years to beef up the nation's tax collection system?

Reason

Brickbat: Too Much Information

The Internal Revenue Service posted to its website confidential information for 120,000 taxpayers with retirement accounts invested in assets like master limited partnerships and real-estate investment trusts. Those taxpayers, as well as tax-exempt nonprofits, must file 990-T forms. Only the information for the nonprofits was supposed to be posted. IRS…

WEKU

The IRS says it mistakenly made public data for about 120,000 taxpayers

The data — which included individual names and business contact information — was public on the IRS.gov website for about a year until an employee noticed the mistake recently.

Tribune News Service

IRS mistakenly published some taxpayers’ confidential data

WASHINGTON — The Internal Revenue Service mistakenly published confidential data for 120,000 taxpayers on its website before realizing the error and taking down the data, the Treasury Department said.

McClatchy Washington Bureau

Fact check: Will middle-class taxpayers really face an ‘army’ of IRS agents?

WASHINGTON — Look out, warn the Republicans. The Internal Revenue Service is about to unleash an army of agents eager to audit you and cost you a lot of money and aggravation.

USAFacts

What are capital gains? How are they taxed?

About two-thirds of individual capital gains subject to tax are from selling corporate stock; the remainder is from property sales.

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