IRS

The son of President Joe Biden is suing the Internal Revenue Service (IRS) over the sharing of tax return information. The lawsuit from Hunter Biden comes shortly after an indictment was announced against him. What Happened: A lawsuit against the IRS has been filed by Hunter Biden, the son of...

The Internal Revenue Service (IRS) this month is set to audit 75 major partnerships, including leading hedge funds and real estate companies. The selected entities, which have an average of $10 billion in assets, were identified with the assistance of artificial intelligence (AI) tools, allowing...

Two major U.S. federal agencies — the Department of the Treasury and the Internal Revenue Service (IRS) — have jointly introduced a comprehensive set of cryptocurrency regulations. The initiative underscores the growing importance of digital assets in the financial landscape and the...

House committees subpoenaed officials of the Federal Bureau of Investigation (FBI) and Internal Revenue Service (IRS) regarding alleged political interference in the Hunter Biden investigation, Axios reports. On Monday, two F.B.I. special agents and two I.R.S. officials were summoned in connection...

Last week, an IRS special agent with significant military experience was fatally wounded by a colleague during a training session at a gun range in Phoenix, Arizona. As per Insider on Saturday, the victim was identified as 47-year-old Patrick Bauer. The accidental shooting took place last Thursday...

Used Tesla Inc (NASDAQ: TSLA) vehicles could now be eligible for a federal tax credit of up to $4,000, according to updated guidance from the Internal Revenue Service (IRS). This change could be a significant boost for prospective Tesla buyers looking to enter the electric vehicle (EV)...

U.S. Treasury Secretary Janet Yellen commended an initiative this week by the IRS that is projected to dwindle the federal deficit by $2.6 trillion over the next decade. The IRS’s transformative “paperless processing” program will alleviate the handling an annual influx of 200...

Summary California retail cannabis sales (and total U.S.) are, in the aggregate, ~$6 billion less than what many industry observers, analysts (including us) and news media have reported (2018-2022). Our analysis was triggered by an added level of transparency that commenced in Q1:23 when excise tax...

During a congressional hearing on Wednesday, two IRS whistleblowers asserted that the Justice Department deliberately delayed its investigation into Hunter Biden and disregarded suggestions to pursue felony tax charges. What Happened: IRS agents Gary Shapley and Joseph Ziegler claimed that the U.S...

Donald Trump reportedly discussed with the Internal Revenue Service and other federal agencies about investigating two FBI officials when he was in office. What Happened: Two FBI officials who were under Trump's lens were investigating into his campaign's links to Russia, the former's president's...

In a recent ruling, a federal court has mandated cryptocurrency exchange Kraken must provide account and transaction details to the Internal Revenue Service (IRS). The IRS stated it requires this information to investigate whether Kraken's users have failed to accurately report their...

In an interview on Wednesday, Ron DeSantis, the Republican presidential candidate and Florida governor, proposed the elimination of several federal departments, including the Department of Education, Commerce, Energy, and the IRS. What Happened: During an interview with Fox News, DeSantis listed...

Former Treasury Secretary Lawrence Summers has expressed hope the debt ceiling agreement between President Joe Biden and House Speaker Kevin McCarthy would pass Congress but indicated he is skeptical about the provisions regarding the Internal Revenue Service (IRS). "I am glad that the #...

The Internal Revenue Service said on Tuesday it has submitted a report to Congress evaluating a Direct File option for taxpayers. The federal agency said, in a statement, that many taxpayers are interested in using a free IRS-provided tool to prepare and file taxes. The IRS is taking steps to begin...

In a bid to combat sanctions evasion using cryptocurrency, the IRS criminal investigation division has announced its collaboration with blockchain analytics firm Chainalysis and Ukrainian investigators. The joint effort aims to identify Russian individuals who might be using digital assets to hide...