The first presidential debate between U.S. President Joe Biden and former U.S. President and Republican presidential candidate Donald Trump is projected on a screen projector during a watch party hosted by the Michigan Conservative Coalition in Novi, Michigan, U.S., June 27, 2024. Emily Elconin | Reuters With interest rate cuts from the Federal Reserve likely … Read more
Lawyers for Hunter Biden on Thursday asked federal judges in California and Delaware to dismiss the criminal tax and gun cases against him in their courts, citing a recent opinion by Supreme Court Justice Clarence Thomas and the related dismissal this week of the criminal classified documents case against former President Donald Trump. Biden’s lawyers … Read more
Internal Revenue Service Commissioner Danny Werfel testifies before the House Appropriations Committee on Capitol Hill in Washington, May 7, 2024. Kevin Dietsch | Getty Images News | Getty Images The U.S. Department of the Treasury and the IRS on Thursday announced what they called a “major milestone” of collecting more than $1 billion in tax … Read more
Grace Cary | Moment | Getty Images Whether you’re mid-career or nearing retirement, it’s important to know where you’re investing — and how those accounts could impact future taxes, experts say. Many workers are heavily concentrated in tax-deferred savings via a pretax 401(k) plan or traditional individual retirement accounts, which incur regular income taxes on … Read more
Erin Collins, national taxpayer advocate at the Taxpayer Advocate Service, speaks at a Senate Appropriations subcommittee hearing in Washington, D.C., on May 19, 2021. Bloomberg | Bloomberg | Getty Images There’s a pileup of tax identity theft cases at the IRS — but the agency is working on a “range of improvements” to speed up … Read more
Johner Images | Johner Images Royalty-free | Getty Images Many retirees don’t think about taxes until it’s time to withdraw funds from a pretax account, which can be a costly mistake, financial experts say. Only 3 in 10 Americans have a plan to reduce taxes on retirement savings, according to a Northwestern Mutual study from January … Read more
Recep-bg | E+ | Getty Images The U.S. Department of the Treasury and IRS on Friday released final tax reporting rules for digital asset brokers — and crypto investors have limited time to prepare, experts say. Mandatory yearly reporting will phase in starting in 2026, with digital currency brokers required to cover gross proceeds from … Read more
Photographs and news agency reports showed protesters clashing in the streets of Kenyan capital Nairobi on Tuesday, as the African state passed a controversial finance bill set to raise national taxes. Earlier in the day, the Kenyan parliament announced it had passed a second reading of the contentious Finance Bill 2024 — which sets out … Read more
Danny Werfel, IRS commissioner, speaks after being ceremonially sworn in at the IRS headquarters in Washington on April 4, 2023. Ting Shen | Bloomberg | Getty Images The IRS will deny billions of dollars’ worth of claims for a pandemic-era tax break while working to process lower-risk filings, the agency said on Thursday afternoon. Enacted … Read more
An exterior view of the Supreme Court on June 20, 2024 in Washington, DC. Andrew Harnik | Getty Images In a closely watched case, the Supreme Court on Thursday denied a challenge to a federal tax on certain foreign investments — but left questions about whether a wealth tax is constitutional. The case, Moore v. … Read more
