Tax Code News
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Updated 30 minutes ago
Barbara Buono, the Democrat trying to oust New Jersey Governor Chris Christie, is so low on funds that her campaign ads don’t reach voters via television or radio. To see them, you must go to her website, Facebook or Twitter page.
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Modern fiscal conservatism has wrapped itself in one whopper of a false choice: That the U.S. must decide between economic growth and the welfare state.
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Property and casualty insurers are voicing concerns that longstanding tax exemptions for municipal bonds could be disrupted as part of a broader U.S. tax-code changes being considered by Congress.
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Patriot Majority USA, a social welfare nonprofit, told the Internal Revenue Service that its mission is “to encourage a discussion of economic issues.” In exchange for keeping its donors private and paying fewer taxes, it must limit its involvement in politics.
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Steven Miller, forced out as acting Internal Revenue Service commissioner, will be questioned today by U.S. lawmakers on what he knew about scrutiny of small- government groups and why Congress wasn’t told.
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The scandal at the Internal Revenue Service reinforces the case for revising the U.S. tax code, Congress’s top tax writers said in an interview with Bloomberg Television.
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March 22, 2013 - If you're feeling particularly stressed out this tax season, you're not alone. By waiting until early 2013 to settle many 2012 tax rules, Washington delayed the start of tax season. Taxpayers had to wait longer for correct paperwork, the IRS delayed processing returns and programmers scrambled to update tax software. "It's been chaotic, totally chaotic," accountant Marilyn Niwao says. Blake Christian, a partner at Holthouse, Carlin & Van Trigt, vents: "Legislators have no clue, and they really don't care" about the problems they've caused.
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Addressing the scandal exposed at the Internal Revenue Service last week, President Barack Obama announced the resignation of the agency’s acting commissioner, adding: “I’ll do everything in my power to make sure nothing like this happens again.”
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January 22, 2013 - A U.S. District Court has blocked the IRS from administering a program that would regulate and assess the competency of tax preparers, Bloomberg’s Richard Rubin reports. This goes straight to the bad-decision-of-the-week file.
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The Internal Revenue Service said it started using “tea party” as a shorthand in examining non- profit groups because employees had specific concerns about some groups with that name.
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