Why do the oil and gas billionaire Koch brothers get a tax break for funding climate change science denial? The IRS is finally investigating.
This week, Americans fulfilled part of our responsibility to our government by filing taxes. But the government isn't doing its part in return. First, as a new report by the National Taxpayer Advocate showed, the IRS has been crippled by years of budget cuts, resulting in a "devastating erosion of taxpayer service" and filing misery for millions. Hold times, which were under three minutes in 2004, are now over 30 minutes. This isn't smaller government; it's broken government, which, for many budget-slashing legislators, is the point. In more news from dysfunctional D.C., Attorney General-Designate Loretta Lynch remains in limbo, her nomination held hostage by Senate Republicans for over five months. On Friday, a clearly frustrated President Obama demanded, "Call Loretta Lynch for a vote...This is embarrassing." Meanwhile, the bigger "news" was the breathless scoop of Hillary Clinton eating at Chipotle. She had, we were told, a chicken burrito bowl (with guacamole). If only our political system -- and media coverage -- were as satisfying.
Wealthy fund managers employ an army of tax advisors to make sure they do not miss any opportunity to get a tax break. As Warren Buffett pointed out, the mega rich already pay a lower tax rate on their incomes than the average worker.
No longer can I look past the reality that my annual voluntary forfeiture of money to my government pays for violence around the globe, at astounding levels, and I am not able to provide any more excuses or rationalizations that paying without protest, that being complicit in funding war without resistance, is not contradictory to my faith and to my conscience.
Tax day is here, and while it's always a good idea to file as soon as possible, there could be reasons you may need some extra time. If you're left scrambling, here are five things you should consider.
Expressing shock that someone so rich could commit such a monumental error, the IRS today reported that a lone member of America's wealthiest 0.1 percent paid more taxes than he should have for the 2014 tax year.
A government agency with a salary structure that makes it nearly impossible to compete against the best legal and accounting firms in the country in the best of times is being forced to fire staff, furlough its remaining employees and subject those who remain to ever-increasing workloads while at the same time the complexity of that workload is increasing exponentially.
Last month the IRS issued a warning that received scant attention from the media but nonetheless could impact millions of taxpayers this year -- particularly low-income, elderly and Spanish-speaking taxpayers. The scam takes advantage of the Individual Shared Responsibility Provision of the Affordable Care Act.
One day soon, same sex couples won't have to play hopscotch with financial equality and inequality, but until then, good financial planning can help ensure you come out a winner.
The "Congress-can-fix-it" argument is not dispositive one way or the other. If the justices want to overturn the IRS' interpretation, there is no greater weight to the "Congress-can-fix-it" argument for that proposition than for the Court to uphold the IRS interpretation .
What are the most common tax questions from taxpayers? Here is a look at this season's top five most frequently asked tax questions and answers.
As you ponder what to do with your own tax refund, or how to pay less next year, now is a great time to make sure that your dough will get to your kids without them paying half (or more) to Uncle Sam in income taxes.
The I.R.S. has a reputation for being fairly punitive, handing down heavy fines, audits and, in severe situations, prison sentences--which can be intimidating. That leaves some people seeking the fastest way to fix a mistake before it causes a bigger issue.
We are only two weeks from the April 15 filing deadline! With so many people still to file, I thought it'd be fun to look at some of the most commonly believed small business tax myths to find out if any of them hold water.
Looking in the proverbial eyes of my cyber American overseas friends, it is easy to empathize with the difficulty of their new, broad range of tax obligations, reporting, banking, expenses, and gut-wrenching decisions.