Earthquake: America’s Scariest Quake Zone ISN’T in California – AMU Edge https://bit.ly/3klKYbi 

Under his leadership, IRS Commissioner nominee Daniel Werfel vows to make audit equity, customer service and “tax cheating” priorities. On Feb. 15, Werfel testified before the U.S. Senate Finance Committee that he’s concerned about a “two-tier tax system” that treats lower- and higher-income taxpayers differently. When asked about how the IRS will spend the $80 […]

In its new “Budget and Economic Outlook: 2023 to 2033” report, the Congressional Budget Office (CBO) projects a $1.4 trillion 2023 federal deficit. This is $0.4 trillion more than its May 2022 projection for 2023. What’s changed? Newly enacted legislation and economic factors, including inflation and rising interest rates, have affected the CBO’s projection models. […]

The Inflation Reduction Act created a new corporate alternative minimum tax (CAMT) that imposes a 15% minimum tax on the adjusted financial statement income of large corporations for taxable years beginning in 2023. Large corporations, including insurance companies, with average annual adjusted financial statement income exceeding $1 billion are the taxpayers generally affected by the […]

The IRS didn’t submit its 10-year plan detailing how it’ll use the $80 billion appropriation from the Inflation Reduction Act by the Feb. 17 deadline set by Treasury Secretary Janet Yellen. Critics of the funding are concerned about the ratio of enforcement amounts compared to other purposes, such as customer service, systems upgrades and supporting […]

There will be no change in certain interest rates for the quarter beginning April 1, 2023. The IRS announced that, for 2nd quarter of 2023, the interest rate for overpayments will remain unchanged, computed from the federal short-term rate determined during Jan. 2023. For individuals, that rate will remain 7%. It will remain 6% for […]

The Congressional Budget Office (CBO) estimates that the federal budget deficit for the first four months of fiscal year 2023 was $459 billion. That’s $200 billion more than the shortfall in the same period in 2022. Receipts for FY23 totaled $1.5 trillion, about 3% less than the same period in 2022. Individual income and payroll […]