News 

Sens. Mike Enzi, Richard Burr: Let’s set some real consequences for bad behavior at the IRS

“The IRS Accountability Act of 2018 would give the IRS commissioner clear authority to fire senior career officials for misconduct or poor performance” writes Andrew Harrer Bloomberg for washingtonexaminer.com. The IRS has shown that too often it confuses the stick with the carrot, rewarding employees’ bad behavior with favorable outcomes.Ensuring that IRS employees are held accountable for their misdeeds shouldn’t be a controversial position.We have also introduced the Ensuring Integrity in the IRS Workforce Act, to restrict the IRS commissioner from rehiring employees who were fired for substantiated conduct or…

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Crypto News 

Vague Cryptocurrency Tax Laws Cause Problems…

“Between 2017 and 2018, the number of cryptocurrency hedge funds has increased considerably” writes Nick Omo for livebitcoinnews.com. In fact, it is estimated that more than 100 crypto hedge funds will be launched in 2018 alone.Hedge funds engaged in the cryptocurrency market are having a difficult time evaluating their tax burden.In recent times, cryptocurrency investment has ceased to be the exclusive preserve of retail investors as hedge funds have started leaping into the market.According to Walli: The question presently on the minds of many hedge funds is undoubtedly their level…

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News 

Watch out, taxpayers: You may owe more money to the IRS next year

“More than 30 million taxpayers could owe money to the government next year, thanks in part to the new tax law” writes Alessandra Malito for marketwatch.com. When employees’ taxes are underwithheld, they owe more money at tax time. Almost half of taxpayers didn’t know if the tax law would benefit them or not.Had there been no change in the tax law, 18% would have been underwithheld.Employers then subtract that amount from the employees’ pay, and the rest is subject to withholding, which employers calculate using IRS tax tables. Source: marketwatch.com Share…

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News 

Auditors: 30M taxpayers will owe more due to low withholding

“New tax withholding tables for employers were put together by the government early this year” writes The Associated Press for seattletimes.com. The IRS has said the new withholding tables should produce an accurate withholding amount for people with simpler tax situations.The Treasury Department and the IRS are responsible for updating the tax withholding tables each year.About 27 million taxpayers would have been affected even if the new law hadn’t been enacted.They asked the GAO to analyze the withholding tables under the new Republican tax law to make sure workers’ paychecks…

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News 

30M taxpayers will owe more due to low withholding: auditors

“New tax withholding tables for employers were put together by the government early this year” writes Marcy Gordon for suntimes.com. The IRS has said the new withholding tables should produce an accurate withholding amount for people with simpler tax situations.The Treasury Department and the IRS are responsible for updating the tax withholding tables each year.About 27 million taxpayers would have been affected even if the new law hadn’t been enacted.They asked the GAO to analyze the withholding tables under the new tax law to make sure workers’ paychecks weren’t being…

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News 

Montana is taking on ‘dark money’ with a new lawsuit against the Trump administration and the Koch brothers

“By law , this information is open to inspection by state tax authorities for the purpose of administering state tax laws” writes Daniel Hemel for businessinsider.com. The IRS revenue procedure flunks that standard too.The federal district court in Great Falls, Montana, which now has the state’s lawsuit, should set aside the IRS revenue procedure and send the agency back to the drawing board.Among these are Section 501(c)(4) “social welfare” organizations such as the Koch brothers’ Americans for Prosperity and the Trump-connected America First Policies . Source: businessinsider.com Share This:

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Montana Governor Sues White House Over ‘Foreign Money’

“Bullock and his administration alleged that the Trump administration had flouted proper government process in eliminating the disclosure requirements” reports nytimes.com. Previously, certain nonprofits had to name their large donors to the government even though they were not supposed to be disclosed to the public.The Treasury Department announced last week that the Internal Revenue Service would no longer require a range of nonprofit organizations to identify any contributors giving more than $5,000, in a move it described as bolstering privacy and easing administrative burdens for those groups. Source: nytimes.com Share This:

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US political spending getting more secretive with IRS change

“Many of them have been able to ramp up their political spending without publicly disclosing the sources of their money” writes The Associated Press for seattletimes.com. Political spending in the U.S. is about to become even more secretive after the IRS this week dropped a requirement that many nonprofits have to provide lists of their major donors. Source: seattletimes.com Share This:

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The IRS is set to deny passport renewal to hundreds of thousands of Americans who owe taxes

“And if they believe (in their sole discretion) that you owe them property tax, they’ll take the property away from you” writes Simon Black for businessinsider.com. Even if you have your mortgage fully paid off, you still have to pay property tax. And if they believe (in their sole discretion) that you owe them income tax, they’ll take it away from you. Source: businessinsider.com Share This:

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