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The Latest Breaking News from IRS

Running behind on taxes? Here’s how to file for an extension as deadline approaches

The federal tax deadline is nearing, but there’s still time to file for an extension if you’re running behind.

McClatchy Washington Bureau

Cannabis Chart Of The Week: The Enormous Tax Impact On Marijuana Companies From IRS Code 280E

Public U.S. companies filing financial statements under GAAP must include a comprehensive tax footnote that details timing differences and permanent differences. Most of the tier one MSOs in the graph have filed annuals with footnotes that explicitly document the impact of 280E taxes. Verano (CSE:VRNO) and Jushi (OTCQX:JUSHF) have not…

Benzinga

Michelle Yeoh, martial arts and the multiverse: inside the year’s wildest movie

Genre-bending hit Everything Everywhere All at Once is being called 2022’s first genuine masterpiece, a hugely inventive fantasy inspired by The Matrix

The Guardian - US

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Thieves hit on a new scam: Synthetic identity fraud

In fall 2020, 43-year-old Adam Arena and a dozen suspected co-conspirators were indicted in New York on charges of trying to swindle banks out of more than $1 million through a scheme known as “synthetic identity fraud.”

Tribune News Service

Real estate Q&A: As a foreign national selling my condo, do a portion of the sales need to go to the IRS?

Q: I am a foreign national who owns a condo in Florida that I want to sell. I am being told that a portion of the sales price needs to be sent to the IRS at the closing. Is this true? And if so, how can I get it back?…

Tribune News Service

Obama and Biden reunite to tout signature health care law - Roll Call

President Obama returned to the White House Tuesday to celebrate the Affordable Care Act with his former vice president, Joe Biden.

Roll Call

Exclusive-U.S. suspends tax information exchange with Russian authorities

The U.S. Internal Revenue Service has suspended information exchanges with Russia's tax authorities in a bid to hamper Moscow's ability to collect taxes and fund its war against Ukraine, the Treasury Department told Reuters on Tuesday.

Reuters

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Stacey Abrams reaches millionaire status before 2nd campaign

Georgia Democrat Stacey Abrams has become a millionaire

The Independent UK

Commentary: The IRS doesn’t need more workers, it needs less work

Tax day is approaching, and a shorthanded Internal Revenue Service just got a $675 million boost (6%) from Congress and the president. But money won’t fix this problem. We can solve it—and maybe some other problems—with tax reform.

Tribune News Service

‘Everything Everywhere All at Once’ a playful skip through the multiverses of hot-dog fingers and cooking raccoons

Rarely has a trip to the IRS yielded such cosmic, metaphysical digressions as it does in this antic movie with the spin cycle set to supercollider.

Chicago Sun-Times

Michael Hiltzik: The FTC sues TurboTax for trying to keep you from filing your taxes for free

For what seems like forever, Americans have been asking why it's so damn hard — and expensive — to file their taxes.

Los Angeles Times

Tax-loss harvesting: How to turn investment losses into money-saving tax breaks

Kiss your poor investment goodbye and get a tax break for doing it – that’s the idea behind tax-loss harvesting. It can be a smart move to make if you’re holding on to an underperforming stock or fund and you’re looking offset gains realized from selling another one of your…

Tribune News Service

The IRS promises your tax refund within three weeks. Here are some exceptions

WASHINGTON — More people are getting bigger federal tax refunds this year, but not everyone will be getting their refund within the 21 days the Internal Revenue Service promised.

McClatchy Washington Bureau

A procrastinator’s guide to filing your taxes (late)

April 18 doesn't have to be scary.

Mic

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The Independent UK

IRS unit gets no funds to enforce sanctions on rich Russians

The IRS criminal investigation arm tasked with tracking down sanctioned Russian oligarchs' property failed to receive an infusion of money in the Ukraine aid package

The Independent UK

Nicolas Cage clears up ‘misconception’ about reason why he accepted dozens of VOD movie roles

‘If there was a misconception, it was that,’ actor said

Ballotpedia

Checks and Balances: Illinois Joint Committee on Administrative Rules blocks governor’s emergency rule

The Checks and Balances Letter delivers news and information from Ballotpedia’s Administrative State Project, including pivotal actions at the federal and state levels related to the separation of powers, due process, and the rule of law.

The Independent UK

Liz Weston: How to keep your tax return from getting hung up

The IRS is overburdened and understaffed, which means even the smallest error could delay the processing of your tax return for months

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news in one place.

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Tribune News Service

IRS is ‘outgunned’ in audits of major companies, agency chief says

The IRS is outmatched in resources and expertise when it audits some of the largest companies in the country, the agency’s top official said.

Tribune News Service

Amid painful tax season, bipartisan duo eyes IRS budget fix

WASHINGTON — After giving the IRS its biggest budget boost in years, some lawmakers are turning to new efforts to deliver resources to the beleaguered agency in the middle of a tax filing season plagued by lengthy delays and a hefty backlog of unprocessed returns.

Roll Call

Amid painful tax season, bipartisan duo eyes IRS budget fix - Roll Call

After giving the IRS its biggest budget boost in years, some lawmakers seeking new ways to deliver resources to the beleaguered agency.

Axios

Face recognition's staying power

Cancellation of an IRS program hasn't slowed adoption of the controversial technology for government use.

Tribune News Service

Commentary: The IRS must be properly funded; here’s why

The Internal Revenue Service is the government agency that taxpayers “love to hate,” but starving it to death is bad for the country. The Biden administration’s Build Back Better legislation, which includes critically needed funding for the IRS, in now in limbo. The president has promised to fashion a stripped-down…

Tribune News Service

¿Va a declarar sus impuestos pronto? Así es como la asistencia fiscal por el COVID-19 podría afectar lo que debes

Incluso en 2022, millones de estadounidenses sentirán el impacto de la pandemia por coronavirus cuando declaren sus impuestos.

Los Angeles Times

Michael Hiltzik: Proof the IRS targets the poor for tax audits while leaving millionaires alone

The Internal Revenue Service's preference for handling millionaires and billionaires with kid gloves has been known and documented for years.

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