Last week, Congress took a significant step by cutting an additional $20 billion from the Internal Revenue Service (IRS) budget. This reduction, part of efforts to avert a government shutdown, risks derailing President Joe Biden’s initiatives to enhance IRS customer service and increase scrutiny on high-income tax evaders. The decision underscores growing partisan debates over … Read more
The Internal Revenue Service (IRS) has announced a plan to brighten the end of the holiday season for approximately one million taxpayers with a fresh wave of stimulus payments. The total distribution amounts to an impressive $2.4 billion, aimed at individuals who qualify for the Recovery Rebate Credit (RRC) but failed to claim it. Stimulus … Read more
The Internal Revenue Service (IRS) has unveiled a new initiative aimed at providing automatic payments to eligible taxpayers who failed to claim the Recovery Rebate Credit on their 2021 tax returns. This move is expected to benefit approximately one million taxpayers who inadvertently overlooked this credit. Automatic Payments to Be Issued by December 2024 On … Read more
The Child Tax Credit (CTC) has been a vital financial support for many families, particularly during the pandemic when it was expanded to help households navigate economic challenges. In 2025, the IRS plans significant changes to the income thresholds for eligibility, affecting who can benefit from this essential tax relief. Understanding the Child Tax Credit … Read more