Rules that take effect on Tuesday will limit the $7,500 credits to electric cars made domestically with minerals from the U.S. or trade allies.
Category: Internal Revenue Service
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What to Do With Your Tax Refund, According to Experts
The average refund is down from last year, but still almost $3,000. One option experts recommend is stashing part of it for unexpected expenses.
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I.R.S. Unveils $80 Billion Plan to Overhaul Tax Collection
The 10-year strategy document outlines a focus on taxpayer services and enforcement efforts on the rich.
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Lobbyists Begin Chipping Away at Biden’s $80 Billion IRS Overhaul
The New York Times – Business:The tax preparation industry is alarmed over the prospect that the Internal Revenue Service will devise its own free tax-filing system.
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Senate Confirms Daniel Werfel as IRS Commissioner
The New York Times – Business:The new commissioner of the Internal Revenue Service will oversee the agency’s $80 billion overhaul.
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IRS Decision Not to Tax Certain Payments Carries Fiscal Cost
The New York Times – Business:The Biden administration has opted not to tax state payments to residents, a decision that could add to the nation’s fiscal woes.
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You Can Use Your Tax Refund to Buy I Bonds, but Should You?
The New York Times – Business:The answer depends on whether you’re looking to get high interest rates now or a safe investment with inflation protection over many years.
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Biden’s I.R.S. Nominee Will Be Grilled About $80 Billion Overhaul
The New York Times – Business:Daniel Werfel is expected to defend the administration’s plan to modernize the agency at his confirmation hearing on Wednesday.
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I.R.S. Decides Most Special State Payments Are Not Taxable
The New York Times – Business:The agency offered the guidance that it had asked millions of taxpayers in 21 states to wait for before filing their returns.
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I.R.S. Tells Millions Who Received State Rebates: Don’t File Just Yet
The New York Times – Business:Tax season is underway. But the Internal Revenue Service is still figuring out whether the millions of taxpayers who received rebates last year should count them as taxable income.
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Black Americans Are Much More Likely to Face Tax Audits, Study Finds
The New York Times – Business:A new report documents systemic discrimination in how the I.R.S. selects taxpayers to be audited, with implications for a debate on the agency’s funding.