Taxpayers across the nation are experiencing a mixed bag this tax season as federal tax refunds show a notable increase in average amount, yet the number of refunds issued has seen a decline compared to the previous year. As of March 1, the Internal Revenue Service (IRS) reported a significant rise in the average tax … Read more
Corporate Tax Hikes, Healthcare Reform, and Affordable Housing Biden’s Economic Plans Hinge on Election Outcomes According to International Business Times, President Biden, in his annual address to the nation strongly advocated for increased corporate tax. He emphasized the urgent need to address issues like reducing healthcare costs and making housing more affordable. Despite his efforts … Read more
Riverside County’s Pending Decision Addressing Unclaimed Property Tax Refunds in Riverside County According to My News LA.com, The Riverside County Board of Supervisors is set to address the transfer of nearly $800,000 in unclaimed property tax refunds owed to county residents and businesses during their upcoming session. Treasurer-Tax Collector Matthew Jennings disclosed that the refunds … Read more
Controversy Surrounding Spending Advocacy Versus Criticism According to Mail Online, taxpayer-funded ‘guaranteed income’ programs, offering struggling families up to $36,000 with no conditions, are expanding across the US totaling over $125 million. These initiatives gained traction during the pandemic with progressive leaders advocating for cash support for those below the poverty line. However, criticism arose … Read more
Implications of a Potential Shutdown on IRS Operations Congressional Action and Uncertainty Surrounding Federal Funding According to CNet, the possibility of a government shutdown looms due to deadlines for a proposed federal spending deal on March 1 and March 8 which could affect agencies like the IRS. If a shutdown occurs during tax season, it … Read more
IRS Tax Fourth Stimulus Checks: Boosting Spending and Economic Recovery Eligibility Criteria and Payment Details According to IT Gujarat, to help the economy, the IRS Tax Fourth Stimulus Checks are given directly to people who qualify. These payments aim to encourage spending, giving eligible taxpayers more money to spend. This article looks at who can … Read more
Pandemic-Related Disruptions Prompt Unprecedented Measure from the Tax Agency In a significant move, the Internal Revenue Service (IRS) has announced a waiver of $1 billion in penalties, providing relief to millions of taxpayers who struggled with back taxes for the years 2020 and 2021. The decision comes as a response to the operational challenges posed … Read more