The tax credit, called the Employee Retention Credit, was designed help small businesses keep paying their employees during the height of the pandemic.
IRS
Posted inBusiness
IRS plans to crack down on 1,600 millionaires to collect millions of dollars in back taxes
A team of academic economists and IRS researchers in 2021 found that the top 1% of U.S. income earners fail to report more than 20% of their earnings to the IRS.
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Posted inNation / World, News, Politics
IRS is ending unannounced visits to taxpayers, to protect workers and combat scammers
The agency in recent years has experienced more threats, in part tied to conspiracy theories that agents were going to target middle-income taxpayers more aggressively.
Posted inBusiness, Nation / World, News
IRS says it collected $38 million from more than 175 high-income tax delinquents
Federal tax collector’s enhanced ability to identify tax delinquents comes from resources provided by the Inflation Reduction Act.
Posted inLocal & State
IRS says Maine’s $850 pandemic relief checks not taxable
The agency had been studying whether the money sent out last year in Maine – and similar payments made in 16 other states – was subject to federal taxes.
Posted inLocal & State, Nation / World, Politics
Maine’s Democratic representatives criticize Republican moves in U.S. House
Jared Golden and Chellie Pingree opposed a number of measures pushed by the new congressional majority.
Posted inBusiness, Nation / World, News
Watchdog sees ‘light at the end of the tunnel’ for IRS backlog
House Republicans want to rescind the agency’s additional funding, saying it would bankroll an army of 87,000 auditors who will harass taxpayers – claims that are generally alarmist and misleading.
Posted inNation / World, News, Politics
In first act, Republican-controlled House takes aim at IRS funding
Republicans have shown interest in proving their opposition to Democrats’ efforts to boost tax code enforcement and crack down on tax avoidance.
Posted inNation / World, News, Politics
Trump’s taxes: House OKs bill on IRS audits of presidents
The practice of auditing presidential tax returns grew from the Watergate era when then-President Richard Nixon was under scrutiny by Congress.
Posted inNation / World, News
Chief Justice Roberts delays handover of Trump tax returns to House panel
Without court intervention, the tax returns could have been provided as early as Thursday by the Treasury Department to the Democratic-controlled House Ways and Means Committee.