Will members of Congress be toasting each other with eggnog this year? As the holidays draw near, members of the House and Senate are reportedly wrapping up the first successful budget deal in two years.
Tax Freedom Day® arrives today, the 108th day of 2013, according to the Tax Foundation's annual calculation. Americans will work well over three months of the year before they have earned enough money to pay this year's tax obligations.
The IRS plans to spend 18 percent less time auditing businesses with assets of $10 million or more in its current fiscal year compared to two years ago, according to a report from Syracuse University's Transactional Records Access Clearinghouse (TRAC).
In a tough economy, it's not likely that any fiscal changes will be met with cheers, and the $3.78 trillion budget proposed by President Obama on April 10 was no exception. His plan seeks to trim the deficit by $1.8 trillion over the next decade, leaning heavily on high-income earners to fill the gaps.
The National Treasury Employees Union (NTEU), the union that represents the IRS workforce, said IRS budget cutting is hurting taxpayers, in particular, senior citizens, small business owners, and the victims of identity theft.
The new budget plan that President Obama will unveil on April 10 includes an unprecedented tax whammy for retirement savers: A new $3 million cap on IRA assets and other tax-preferred retirement accounts.
Now the sequester is getting really serious! The IRS may shut down its offices completely for a few days surrounding several upcoming holidays in order to accommodate the federal government's budgetary needs.