All that remains is President Biden’s signature.
Monthly Archives: August 2022
Ask Larry: Will Taking Spousal Benefits Affect My Social Security Benefit Rate?
Today’s Social Security column addresses questions about whether spousal benefits can affect later retirement benefits, filing for both retirement and survivor’s benefits and whether Social Security is moving payment days.
Will The Inflation Reduction Act Increase IRS Tax Audits?
The burning question on everyone’s mind is whether the $80 billion of increased funding for the IRS will meaningfully increase IRS audit rates.
Your Tax Advisor’s Guide To The Inflation Reduction Act
The dramatic history of the Inflation Reduction Act is known – now we have to understand and live with the practical results.
The Senate passed the bill with a vote of 51-50, with Vice President Kamala Harris breaking the tie. As of today, the House has not made…
The Inflation Reduction Act Won’t Affect Most Americans’ Tax Bill
The Tax Policy Center analyzed the big climate, health, and tax bill three different ways. The bill is quite progressive every time.
Ignore the Debate Over Whether the Inflation Reduction Act Raises Taxes on Those Making $400,000 Or Less
As Congress is about to pass the Inflation Reduction Act, Washington is once again having a breathless debate over very little. This one is about…
The Inflation Reduction Act Primarily Impacts Top 1 Percent of Taxpayers
In a new analysis , the Tax Policy Center finds the tax provisions of the Inflation Reduction Act (IRA) are highly progressive. Taxes would rise…
What The IRS Can Learn From The Florida Bar Tax Section: Comments To Clawback Proposed Regulations
On July 26, 2022, the Tax Section of the Florida Bar (the “Tax Section”) submitted “Comments on Proposed Treasury Regulations Relating to the Basic Exclusion Amount Applicable to the Computation of Federal Estate and Gift Taxes.”
If the IRS Gets $80 Billion, Will Its Agents Come Gunning for You?
With the near-certain enactment of the Inflation Reduction Act, the Internal Revenue Service is on track for an $80 billion boost to its ten-year budget…
IRS To Add 87,000 New Agents, More Crypto Tax Enforcement
The Inflation Reduction Act sends more than $45 billion to the IRS for “enforcement.” The law says they’ll be specifically pursuing “digital asset monitoring and compliance activities,” apart from more general tax enforcement. The crypto tax hunt is on.