Internal Revenue Service

Photo: Ian Dyball (Getty Images)Can’t we all just get along? Not if you’re an employee of the federal government. The Internal Revenue Service (IRS) just filed a lawsuit against the Federal Deposit Insurance Corporation (FDIC) over a $1.45 billion tax bill stemming from the bailout of Silicon Valley Bank.Why Bitcoin won’t reach $1,000,000In other words, the US government filed a lawsuit against the US government. May the best bureaucracy win.Back in 2023, Silicon Valley Bank collapsed overnight. It threatened to take the…

Photo: BRENDAN SMIALOWSKI/AFP (Getty Images)A single man is responsible for leaking the tax information belonging to Donald Trump, Elon Musk, Jeff Bezos, and others. Trump’s tax information was leaked to the New York Times and became the basis for a big story, while Bezos and Musk had their financial information handed over to ProPublica, which similarly reported on the documents. Is Threads a Threat to Twitter? | Future TechThe “Deep Throat” behind the leaks is Charles Littlejohn, 38, who formerly worked as a contractor…

Congress released a highly anticipated report on Wednesday detailing how major tax prep companies and big tech firms like Google and Meta, parent of Facebook and Instagram, “recklessly” shared the sensitive tax data of tens of millions of Americans without proper safeguards. The senators cited evidence from their report in a fiery letter to the IRS, FTC, DOJ, and Treasury Inspector General, whom they urged to fully investigate the matter and to prosecute companies found to have violated tax laws.Is Google's New $1,800…

Tax day is April 18th—today. We shouldn’t have to be here, but here we are. Sure, you can labor through the labyrinthine official tax forms and send those to the U.S. government yourself. But as is the case every year in the U.S., the best options for less stress when filing taxes online for free are also the same services that have helped created this whole mess in the first place.How Can You Be a Steward of Good Tech in 2023? | Gizmodo InterviewCompanies are regularly trying to upsell you on tax filing services.…

James O’Keefe founded Project Veritas in 2010.Image: Brandon Bell (Getty Images)Project Veritas, the far-right activist group aimed at holding journalists and progressivesaccountable through deleterious means, has cut off its nose to spite its face. James O’Keefe, who founded Project Veritas in 2010 and served as CEO, has been removed from the group following concerns over how O’Keefe was spending Project Veritas money. As detailed in The New York Times, James O’Keefe officially stepped down as CEO of Project Veritas on…

Senate Finance Committee Chairman Ron Wyden, D-Ore., questions IRS Commissioner Charles Rettig at a Senate Finance Committee hearing.Tom Williams | Pool | ReutersPresident Joe Biden's nominee to lead the IRS answered questions during a Senate Finance Committee hearing this week, highlighting key issues from lawmakers on both sides of the aisle.Daniel Werfel, a former budget official and private sector leader, fielded questions Wednesday about the agency's funding, enforcement, transparency and other priorities.  "I think…

vitapix | E+ | Getty ImagesPlanning to sell some investments this year? It's less likely to affect your 2023 tax bill, experts say.Here's why: The IRS made dozens of inflation adjustments for 2023, including the long-term capital gains brackets, applying to investments held for more than one year.This means you can have more taxable income before reaching the 15% or 20% brackets for investment earnings.More from Smart Tax Planning:Here's a look at more tax-planning news."It's going to be pretty significant," said Tommy…

Bill Oxford | E+ | Getty ImagesThe tax season is underway, and the IRS has issued nearly 8 million refunds worth about $15.7 billion as of Feb. 3, the agency reported.The average refund amount was $1,963, down from last year's payment of $2,201 at the same point in the filing season. Of course, the average may change as the IRS processes millions more returns before the April 18 deadline.While the agency warned refunds may be "somewhat lower" this season, experts say it's still too early to know for sure.More from Smart…

dmphoto | E+ | Getty ImagesTax season is underway, and there's been increased scrutiny of the IRS as it starts deploying part of the nearly $80 billion in funding approved for the agency by Congress in August. While Treasury Secretary Janet Yellen has said goals include boosting customer service and improving technology, critics have warned the new funding will spark an uptick in IRS audits. "People are scared to death of the IRS," said Karla Dennis, an enrolled agent and founder of Karla Dennis and Associates. "They…

Jeffrey Coolidge | Photodisc | Getty ImagesBlack Americans are roughly three to five times more likely to face an IRS audit than other taxpayers, according to a new study.While there isn't evidence of explicit discrimination from the IRS or its revenue agents, the findings show the disparity stems from a faulty software algorithm used by the agency to pick who gets audited.Based on microdata on roughly 148 million tax returns and 780,000 audits, the study was conducted by economists at Stanford University, the University…