During 2022, the crypto lending business known as Genesis experienced losses of hundreds of millions of dollars. The company suffered from these losses due to its exposure to Three Arrows Capital, which is a cryptocurrency hedge fund that was a … Continue reading
News & Articles
US Hits The Debt Ceiling
The debt limit, also known as the “statutory debt ceiling,” is a legal cap on the amount of money the U.S. government can borrow. This cap is currently set at $31.4 trillion, and the government has reached its limit.… Continue reading
IRS Begins to Implement Inflation Reduction Act
As the Inflation Reduction Act has been passed into law for quite some time now, the IRS is finally beginning to implement it. The implementation process started with the revision of several dozens of tax forms, as well as enforcing … Continue reading
Top 3 Tax Fraudsters of 2022
As the 2022 tax season is behind us and a new one is already beginning, the IRS has released a yearly report listing the top tax offenders of 2022. This list consists of the usual schemes that are seen by … Continue reading
3 Things You Should Do Before the Opening of the 2023 Tax Season
As the official opening of the 2023 tax season is almost among us, there are a few things that experts want people to do before the IRS begins accepting returns. While the tax season for business returns began on January … Continue reading
Tax Season to Begin on January 23rd, Says IRS
The New Year means tax season will quickly be approaching. The IRS announced on Thursday that filing season will begin on January 23rd. According to the agency, they have said that they plan to be a lot more efficient this … Continue reading
IRS Better Prepared For Upcoming Tax Season
Last week, Erin Collins of the National Tax Advocacy submitted her yearly report to congress. She acknowledged every hardship that taxpayers and tax professionals had to deal with last year. While acknowledging the pain and struggle of last season, Collins … Continue reading
Governor Hochul Announced a Proposal to Increase Cigarette Tax
In a Proposal announced on Tuesday by Gov. Kathy Hochul, the state wants to increase the cigarette tax by $1 and ban all flavored tobacco products. This proposal came in her State of the State Address. This announcement came in … Continue reading
IRS Sent Out 12 million refunds in 2020, Averaging Over $1200 per refund
The IRS announced that they recently finished correcting tax returns that were filed for 2020, which included overpayments for unemployment benefits that workers received that year. The agency said it issued around 12 million returns as a result.… Continue reading
IRS Audit Rates Declined In 2022
According to a new report, the IRS audited fewer taxpayers last year than in 2021. However, high-income taxpayers ($1 million + net worth) saw a slight increase in their audit rates for FY 2022 after years of decline. This was … Continue reading