The agency has faced legal challenges in its latest attempts to better tax cryptocurrency transactions, but Congress seems willing to help.
The richest 25 Americans pay less in tax — 15.8% of adjusted gross income — than many ordinary workers do, once you include taxes for Social Security and Medicare, the nonprofit investigative journalism organization ProPublica found
Taxpayers who have IRS problems should not follow the example set by the fictional Sandy Kominsky in season one of the Kominsky Method when working to resolve tax problems.
The IRS is launching two portals, expected in June, that will allow families to sign up for monthly child tax credit payments or update their information.
The IRS Fiscal Year 2022 Budget talks about cryptocurrency and how the service is planning to use in-house technology and outside contractors to reinforce crypto tax compliance. Within the $13.2 billion total 2022 budget, $32 million ($3 million on IT specialist compensation, $6 million on hardware & software and $23 million on contractors) is allocated to reinforce cryptocurrency related enforcement initiatives.
Families eligible for the advanced child tax credit payments will receive a letter from the IRS soon, the agency said.